Jordan Times
Sunday, August 22, 1999
Expatriates, Arab tourists push up rent prices of apartments in Amman
AMMAN (J.T.) — THE ARRIVAL of expatriates and tourists from Arab countries, has witnessed heavy demand for apartments, and rents have skyrocketed to the point that a 150 square metre unfurnished apartment in downtown Amman lists for between JD100-JD120 a month and for a 120 square metre the amount of rent ranges between JD70-JD100.
Real estate broker Awni Abdallat indicated that furnished apartments in Jordan have become widely used just like in Egypt and Syria noting that they account for about 30 per cent of all available apartments. He said that a 150 square metre unfurnished apartment in Western Amman carries a rent tag of between JD180-JD200.
Abdallat explained that the effect of recession on rent prices was minimal noting in this regard that the recession was due to a large supply that exceeded by far the number of people seeking residential apartments. “The arrival of expatriates and guests coming to spend the summer here created activity and pushed up prices of rent especially for furnished apartments,” the broker said. “We now notice that some of the expatriates and Gulf Arabs are buying apartments instead of renting them while others are purchasing villas and buildings in addition to making various investments,” he added noting that such an activity was due to political and economic stability that are enjoyed by Jordanians.
“During the remaining months of the year rent prices go sharply down as a result of the decline in travel, especially during the winter months when some people capitalise on this situation,” Abdallat said. He added that Western Amman, especially Um Utheina, Shmeisani, Rabia, Sweifiyeh, Deir Ghbar, Abdoun, Tla'Al Ali and Khilda, are the favourite locations where the expatriates and Arab guests are to be found.
Ahmad Shbeikat, owner of a real estate brokerage office, said rents vary from one location to another with the highest in Western Amman at between JD180-JD220 a month for a 150-square-metre apartment.
“For a 180-square-metre apartment in Shmeisani the price can go up to between JD200-JD300,” said Nader Abdeen, an owner of a real estate office.” At Dahiat Al Rashid, Sweileh and Jubeiha, the rent is between JD190-JD250 while at Al Hussein and Al Nuzha the rent is in the JD100-JD150 range,” he added.
Abdeen credit the expatriates for the activity and said they play a big role in raising rent prices. He concluded that the price for renting furnished apartments in Shmeisani can be as high JD450 a month and as low as JD290.