The key to culture

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Petra in Jordan has witnessed a tourism boom.

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Jordanian Prime Minister Nader Al Dahabi.

Jordan isn't just appealing to visitors looking to tick off the abundant sights - its burgeoning real estate scene is now drawing in more overseas buyers eager to put down roots.

From the heights of Mount Nebo to the low-lying Dead Sea, and not forgetting the top-to-bottom cultural treasures of Jerash and Petra, Jordan has cultural and geographical variety that most countries can only dream of.

While historically, real estate has played second fiddle to tourism in the commercial stakes, a concerted building drive is now firmly underway, driven by a desire to diversify the economy and meet increased demand from overseas buyers.

Take Aqaba. While synonymous with diving and leisure tourism - visitor numbers topped 500,000 last year - its profile is now changing dramatically, with major commercial projects underway and residences cropping up.

Its 100,000 population is projected to hit 250,000 by 2020 and with the relocation of the main port to the southern tip of the zone, Aqaba is freeing up more waterfront space for commercial and tourism investments.

Amjad Shatnawi, Senior Marketing Officer for Aqaba Special Economic Zone Authority (ASEZA), has witnessed the changes to the city first hand.

He paid US$35,300 for his apartment three years ago - and now it would sell for US$56,400.

"I think the prices will continue to rise," he said. "They are still affordable and less than you'd pay in other places in the region, but we've heard that there might soon be more demand than supply."

Aqaba's districts are conveniently numbered, with the 10th by the airport and neighbouring 11th now developing fastest. Units in the city start from us$105 per sq m although sought-after villas by the coast are understandably higher, costing as much as US$1,600 per sq m.

The 375 sq km ASEZA, inaugurated as a liberalised, low tax, duty free and multi-sector development zone seven years ago, encompasses 27 kms of coastline, the sea ports of Jordan, an open skies-friendly international airport and historical city of Aqaba.

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