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Government incentives to stimulate Jordan real estate market

August 2015

A package of incentives unveiled recently by the government to deal with a slump in real estate sales would positively reflect on demand on housing and market indicators in the coming months, said Jordan Housing Developers Association President Kamal Awamleh.

Under the incentives, apartments of 150 sqm are exempted from registration fees, in addition to reducing registration fees and taxes on properties from 10% to 5%.

Awamleh said the housing sector had witnessed a slowdown in performance and apartment sales over the past months “for reasons tied to supply and demand on the one hand, and organisational and procedural challenges on the other, put aside the repercussions of the political situation in the region.”

He added that sector investors are awaiting an organisational stimulus package, including deregulation by relevant official entities as well as expediting a master plan on land use in Amman that urges speedier issuance of housing licenses that would reduce cost and prompt apartment prices to drop.

Source: Jordan News Agency