Jordan
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The Jordan Property Market
Source: Oxford Business Group
Regional safe haven draws in investors with raft of new developments
Jordan's economy has been experiencing high growth rates - 8.4% in 2004, 7.2% in 2005 and 6% in 2006 - as a result of the excess liquidity in the region due to high oil prices and the post-9/11 return of Arab funds back into the Middle East.
Political unrest in the region has led to large numbers of wealthy Iraqi and Lebanese expatriates relocating to Jordan, with the country being used as a gateway to Iraq by foreign companies, UN agencies and non-governmental organizations involved in rebuilding.
A number of governmental measures, like the passing of the Investment Promotion Law, which grant tax exemptions and allows repatriation of capita and profits, are helping to create a friendly environment for both Jordanian and foreign investors.
There are few restrictions on foreigners owning property of investing in Jordan; any foreigner can buy a house or land in Jordan, provided they wait five years before selling. Permission to buy generally does not take more than 10 days to obtain.
Jordan is eagerly seeking further ways to stimulate and encourage investment and development in the country. The King has called for the implementation of a complete land-usage master plan for the entire kingdom.
This master plan will make it clear to investors where opportunities exist. Furthermore, the government is also currently working to make various agencies, such as the tourism board, more accessible to investors.
All these new factors have resulted in a buoyant real estate sector, with the total value of real estate transactions increasing from $900m in 2000 to $3.5bn in 2005. The value of transactions increased by an average of 10% per year until 2003, and in 2004 and 2005 it increased by around 50% and 150%, respectively. In Amman the number if apartment sale transactions rose by 17% in 2006.
A number of mixed-use residential and tourism projects are under development in Amman, Aqaba and the Dead Sea, with more than $18.4bn worth of investments under way in the whole country. In June 2003 the $800m Abdali urban regeneration project was launched, with residential, hospitality and business segments.
Tala Bay, Ayla Oasis, Royal Village and Jordan Gate are the other major upcoming projects in the kingdom. Aqaba has seen dramatic growth and in as area marked for particular investment, especially in the residential and hospitality sectors.
The town has witnessed the development of a series of coastal resorts, with a mix of residential, hotel and high-end leisure developments. These include Saraya Aqaba, which is being developed by Saraya Holdings on 617,000 sq. metres of land with 27km of shoreline.
The $6bn project will have 600 villas, townhouses and apartments as well as six luxury hotels managed by the Jumeirah and Starwood brands. There will also be a large retail area and leisure facilities, including a water park, in the development.
Main | Residential | Commercial | Hospitality | Retail
The Jordan Property Market
Source: Oxford Business Group
Regional safe haven draws in investors with raft of new developments
Jordan's economy has been experiencing high growth rates - 8.4% in 2004, 7.2% in 2005 and 6% in 2006 - as a result of the excess liquidity in the region due to high oil prices and the post-9/11 return of Arab funds back into the Middle East.
Political unrest in the region has led to large numbers of wealthy Iraqi and Lebanese expatriates relocating to Jordan, with the country being used as a gateway to Iraq by foreign companies, UN agencies and non-governmental organizations involved in rebuilding.
A number of governmental measures, like the passing of the Investment Promotion Law, which grant tax exemptions and allows repatriation of capita and profits, are helping to create a friendly environment for both Jordanian and foreign investors.
There are few restrictions on foreigners owning property of investing in Jordan; any foreigner can buy a house or land in Jordan, provided they wait five years before selling. Permission to buy generally does not take more than 10 days to obtain.
Jordan is eagerly seeking further ways to stimulate and encourage investment and development in the country. The King has called for the implementation of a complete land-usage master plan for the entire kingdom.
This master plan will make it clear to investors where opportunities exist. Furthermore, the government is also currently working to make various agencies, such as the tourism board, more accessible to investors.
All these new factors have resulted in a buoyant real estate sector, with the total value of real estate transactions increasing from $900m in 2000 to $3.5bn in 2005. The value of transactions increased by an average of 10% per year until 2003, and in 2004 and 2005 it increased by around 50% and 150%, respectively. In Amman the number if apartment sale transactions rose by 17% in 2006.
A number of mixed-use residential and tourism projects are under development in Amman, Aqaba and the Dead Sea, with more than $18.4bn worth of investments under way in the whole country. In June 2003 the $800m Abdali urban regeneration project was launched, with residential, hospitality and business segments.
Tala Bay, Ayla Oasis, Royal Village and Jordan Gate are the other major upcoming projects in the kingdom. Aqaba has seen dramatic growth and in as area marked for particular investment, especially in the residential and hospitality sectors.
The town has witnessed the development of a series of coastal resorts, with a mix of residential, hotel and high-end leisure developments. These include Saraya Aqaba, which is being developed by Saraya Holdings on 617,000 sq. metres of land with 27km of shoreline.
The $6bn project will have 600 villas, townhouses and apartments as well as six luxury hotels managed by the Jumeirah and Starwood brands. There will also be a large retail area and leisure facilities, including a water park, in the development.
Main | Residential | Commercial | Hospitality | Retail
