Jordan Times
Thursday, September 22, 2005
Real estate turnover expected
to reach JD3 billion this year
Jordanians remained at the forefront with a 97% market share
By Khaled Nuaimat
AMMAN — Turnover in the real estate market reached around JD2.5 billion during
the January-August period and is expected to hit JD3 billion by the end of 2005.
In revealing these figures, Land and Survey Department (LSD) Director General
Abdul Muniem Samara indicated that the real estate market value at the end of
this year would exceed the 2004 figure by 70-80 per cent.
“Despite the significant contribution by non-Jordanians who paid JD80 million,
Jordanians remained at the forefront with a 97 per cent market share,” Samara
pointed out at a symposium held at the Engineers Association (EA).
According to Samara, Iraqis topped the list of non-Jordanians by accounting for
50 per cent followed by former Jordanians who now hold other nationalities.
Nationals of Gulf states came in third place.
Highlighting the housing needs in the country until 2008, Housing and Urban
Development Corporation (HUDC) Deputy Director Osama Rabie estimated that 31,000
units will be required annually.
HUDC would shoulder 12 housing projects in eight governorates for the lower and
limited-income citizens in the current year.
EA Prsident Wael Saqqa urged the 500 private companies operating in the housing
sector to merge in order to implement large-scale housing projects in the
country.
He indicated that the EA implemented 57 housing projects valued at JD45 million
between 2003-2005, noting that 1,709 EA members benefited from these projects.
Saqqa stressed the importance of land investments, noting that “60,000 EA
members will need housing units in the coming years.”