Jordan … incentive measures for the real estate market

The Jordanian government has taken motivational steps to stimulate many economic sectors, including real estate. The government aims to attract businessmen and Arab and foreign investors, and encourage them to own real estate assets that for many years formed an attraction for different nationalities, especially Iraqi, Syrian and Gulf, which reflected positively on public revenues.

Economists believe that recent government measures regarding the residence of foreigners in Jordan and facilitating measures would increase the demand of Arabs and foreigners from businessmen and money owners to reside in Jordan, establish various projects and savings in the Jordanian banking system.

The Jordanian Cabinet had decided to agree to amend its previous decision regarding the value of the bank deposits for foreigners wishing to renew their annual residency, by canceling the condition of reserving the deposit worth ten thousand dinars for those who own a property, provided that it continues to ownership of the property throughout his stay in the Kingdom, and that his previous residence has passed more than two years (the dinar = 1.41 dollars). The amendment included the lowering of the deposit to ten thousand dinars instead of twenty thousand dinars for those who do not have a property in the country, and he wants to obtain a five -year residence permit or renew it for the same period.

Economist Hashem Aqel told Al -Arabi Al -Jadeed that the economy needs direct incentive measures that are reflected in various sectors, and in a way that leads to an increase in investment rates in small and medium enterprises and the revitalization of sectors that are largely supportive of growth such as real estate, tourism and others.

He added that countries give great advantages in order to attract businessmen, investors and even individuals to reside in their country, which contributes to raising the rates of deposits and high purchases of real estate and housing, in addition to consumer spending and the establishment of various investment projects.
And that these governmental measures will lead to a rise in trading in the Jordanian real estate market through the purchases of Arabs and foreigners who are granted by the property the right to obtain residency without linking the deposits and seizing them as it was before.

The head of the Jordanian expatriate women and businessmen association (Tawasul), Fadi Al -Majali, said in recent statements that these measures will have a direct positive impact on foreign investment, especially in the real estate sector, by stimulating the purchase of real estate by foreigners.

Investing in Jordan real estate

He added that canceling the condition of seizing the deposit for those who own a property makes investing in real estate more attractive, as the foreign investor no longer needs to freeze part of his money in banks, which would encourage more investors to buy real estate in Jordan, whether for housing or investment, which increases the demand for the real estate market.
He said that this decision is assumed to contribute to attracting new investors to the Jordanian market, and leads to an increase in the number of foreign investors wishing to settle and manage their business from Jordan, in addition to supporting the real estate development sector and contracting with the possibility of increasing demand for real estate, which will revive the sector, as the number of residential and commercial projects will increase to meet the demand and this reflects positively on the economy by moving the construction sector and creating new job opportunities.