Gov’t extends, expands home fee exemptions

AMMAN — The government on Sunday extended incentives granted to first-time homebuyers until November 30, 2016, according to the Jordan News Agency, Petra. 

Under the decision, taken during the Council of Ministers’ meeting, would-be homeowners will be exempted from registration fees for the first 150 square metres (sq.m.) of apartments sized 180sq.m. or less. 

Before July of this year, the exemption incentives applied only to buyers of apartments sized 150sq.m. or less and the first 120sq.m. were exempted from fees. 

Finance Minister Omar Malhas said that the decision to extend the exemptions, which was supposed to expire by the end of this year, would enable medium-income Jordanians to buy decent housing units, adding it would also encourage developers to build new residential projects. 

President of the Jordan Housing Developers Association Fawaz Al Hassan said the decision to extend the incentives was expected due to its positive impact on the economy because it boosts demand for apartments. 

However, Hassan said the government should have extended incentives until the end of next year instead of November 30. 

He told The Jordan Times the government should keep the incentives permanently to ensure a fair chance for future buyers. 

According to official figures from the Department of Land and Survey (DLS), trading in the property market in the first nine months of the year reached JD5.46 billion. 

The number of residential apartments sold between January and September of this year was 30,621, according to the DLS report, which showed that home sales were 13 per cent higher compared to the same period last year. 

Housing developers expect trading in the property market this year to be close at JD7 billion. 

In 2014, real estate trading registered a record JD7.76 billion, 22 per cent higher than the figure recorded in 2013 (JD6.34 billion).