Complex Made Simple

Real estate activity in Jordan dips two per cent in 2015

Decline in government revenues a result of decision to exempt houses and apartments from registration fees

The value of real estate sales in Jordan slipped by two per cent in 2015 amounting to JOD7.607 billion, compared with JOD7.763bn in 2014.

But when compared with 2013 (JOD6.344bn), the figure reported in the past year is 20 per cent higher, according to a report by the Jordan News Agency (Petra).

The Department of Land and Survey said in its monthly report on the real estate trading that revenues collected by the government from taxes and fees on real estate sales and deals declined in 2015 by 11 per cent to JOD377 million compared with JOD426m a year earlier.

The decline in revenues seems a result of a Jordanian government’s decision taken in July last year to exempt houses and apartments (of certain sizes) from registration fees.

The department said that the value of exemptions for apartments rose in 2015 by 47 per cent to JOD120m.

Sales by non-Jordanians dropped by 47 per cent to JOD120m.

Top non-Jordanian investors and buyers include Iraqis, Saudis, Kuwaitis and Syrians respectively, the report indicates.

(JOD1 = AED5.18, at the time of publishing)