Jordan property sales rise 16% in Q1

08 May 2010

(MENAFN) Jordanian Department of Land and Survey figures showed that the total value of property deals in Jordan rose 16 percent to $2.1 billion in the first quarter compared to the same period last year, Petra reported.

Jordan’s once booming property sector was underpinned by strong demand from Iraqis, Palestinians and expatriate Jordanians and even Lebanese seeking a safe haven in a country with a record of political stability.

The aid dependant economy has been hit by the global financial crisis as investment flows from the oil producing Gulf region plummeted along with a drop in remittances from its sizeable expatriate labor force.

Industry executives expect the market to show signs of recovery as oversupply in commercial and to a lesser extent luxury apartments eases by year-end and banks become less risk averse in extending property loans.

Prices which fell by an average 20 percent in prime real estate in the capital Amman in the last 18 months should pick up within a 10 percent range by end of 2010, analysts said.

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