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Real estate prices in Jordan push Arabs and foreigners away from owning property

Prices continued their upward trend, rising by more than ten per cent over the past year

The demand for property in Jordan has largely dropped due to the unprecedented increase in prices in recent months, according to investors in the real estate sector.

The investors add that this increase has pushed a large number of Arabs and foreigners to refrain from buying and opting instead to rent, especially in light of the escalation of the unrest affecting the region, reports London-based Alaraby.

According to data issued by specialised companies operating in the field of real estate marketing, property prices rose by more than ten per cent over the past year, while they have continued their upward trend since the beginning of the current year, despite the slowdown in sales deals.

The hike in prices contributed to increasing pressure on the Jordanians who want to own properties, especially private apartments, amid demands for government intervention to develop a mechanism for determining the ceiling price of residential apartments.

The Department of Lands & Survey’s figures show a drop of 13 per cent in trading volume in the real estate market during the first third of this year compared with the same period last year, amounting to $3 billion.

($1 = AED3.67, at the time of publishing)