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FINANCIAL NEWS
Jordan property sales up 20% by November-end
11 Dec 2010
(MENAFN) Jordan Land Registry data showed the total value of property deals rose 20 percent to $6.9 billion in the first 11 months of the year compared with the same period last year.
Property consultants say the deals transacted mostly by Jordanians reflect how lower prices were pushing demand in the residential market at least 15 percent higher from 2009 lows.
In contrast, prices of desert property outside large cities, which saw speculation driven buying during a 2005-2008 real estate bubble, were still at least 75 percent below their 2008 peaks, real estate agents say.
Increased lending by banks becoming less risk averse is expected to help recovery.
This would activate retail home buying and even benefit large property developers such as Taammeer which has finally received bank loans to ease a cash crunch that had delayed a $200 million luxury gated community south of Amman and other projects affected by the downturn.
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