Kingdom real estate activity decline 3% in 2024, non-Jordanian purchases rise

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AMMAN — The Kingdom’s real estate trading volume reached JD5.719 billion in the first ten months of 2024, marking a 3 per cent decline compared with the same period last year, according to the Department of Lands and Survey’s monthly report.

In October, real estate transactions totalled JD632 million, marking a 1 per cent increase from the previous year but a slight 1 per cent decline compared with September.

Revenue for the Department of Lands and Survey for the year-to-date reached JD217 million, a 2 per cent decrease from 2023. The North Amman Land Registration Directorate led in revenue generation with JD32.9 million, followed by the Amman Directorate with JD28 million and the South Amman Directorate at JD27 million.

Meanwhile, October's revenue totalled JD24 million, a 1 per cent decrease from October 2023 and a 6 per cent decline compared with September.

In terms of ownership contracts, transactions by non-Jordanians increased by 6 per cent over the first ten months of this year. Although apartment sales declined by 3 per cent, land sales saw a 20 per cent rise compared with the same period last year.

Overall, property sales in Jordan fell by 5 per cent in the first ten months of 2024, while apartment sales rose by 1 per cent and land sales dropped by 6 per cent year-on-year.

Mahmoud Salah, a seasoned land developer and housing expert, attributed these market shifts to changes in customer behaviour. "Many buyers and investors are becoming more selective and cautious amid the ongoing situation," Salah told The Jordan Times, noting that transactions are slower and overall market activity has decreased.

Alaa Sultan, a real estate company employee, noted that the increase in non-Jordanian ownership contracts reflects long-term confidence in the country’s real estate market.

He also said that the slowdown in apartment purchases could be attributed to the currently higher costs, despite being near the end of the year.