2007 Jordan Real Estate Trading

Sharing some numbers of 2007 Real Estate trading:

(MENAFN - Jordan Times) Real estate trading went up by 8 per cent last year to JD5.6 billion compared to JD5.2 billion in 2006. As such, Land and Survey Department revenues increased by 6 per cent during 2007, reaching around JD355.4 million.

North Amman ranked first with revenues totalling around JD5.4 million, followed by that of Amman at around JD4.5 million while the registration department of south Amman ranked third at JD3.45 million.

West Amman came in fourth place, accounting for around JD2.8 million in revenues, according to the Land and Survey Department. Iraqi investors continued to top the list of non-Jordanian investors, accounting for JD60 million while Kuwaiti and Saudi investments totalled JD18 million and JD11 million respectively.



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Housing for Limited income people bought by High income people.

Saraya Aqaba, 1 villa cost JD1.5 million which also buy 75 housing units at Al-Majd affordable Housing project, photo by Emad Salameh

"Construction work on the $350 million Madinat Al Majd project in Zarqa, which entails the creation of 18,500 residential units targeting limited-income people, began on Wednesday.

The residential city, to be created over 2 million square metres and accommodate some 50,000 inhabitants, will include houses of different sizes that will be sold at “affordable” prices starting from JD18,000 per apartment.

Madinat Al Majd also house a large mosque, schools, a medical community, cultural and shopping centres.

The first phase of the project, which will see the construction of some 500 housing units, will be completed in one year, adding that the project will help meet the increasing demand for small-sized apartments.

A recent study on civil servants conducted by HUDC indicated the demand for such apartments exceeds 60,000 while the total demand for housing in the Kingdom currently stands at 200,000 units.

Madinat Al Majd, the first housing project to be developed for the limited-income segment, will be a significant architectural landmark in Jordan. It would provide the wider community with the chance to own homes in a healthy environment for a monthly payment similar to what they would pay in rent.

Noting that the project is the result of cooperation between the public and private sectors, and it it has received the full support of the government.

Over the next six months, Tameer will announce a series of projects to be implemented in the Kingdom, including the construction of a residential city for high-income earning individuals, as well as towers, malls and commercial buildings.

Four residential cities will be built in the near future: One in Amman called “Ahl Alazm”, and three in the Balqa, Irbid and Aqaba governorates."

When I saw this project being marketed at Cityscape Dubai in Oct 2007, the first phase of the project with the 500 units were SOLD OUT during the first exhibition day for about 20,000 JD a unit, but, who bought them and for whom it was marketed at Cityscape Dubai 2007, the irony it was for the real estate brokers and the business buyers.

This project got the cooperation from the public and private sectors and the support and the blessing of the government as the first "affordable" housing project targeting the limited income, so we assume that the buyer is the limited income citizen.

When you position yourself as a limited income housing you need to make sure that the buyer is the limited income buyer and before you get the payments you need to ask for the bank statements and proofs that the buyer is in need for an affordable house, meeting your based targets.

Did this happen?

Maybe this goes to "lessons learned" category which we hear it often these days. However, in the next "Affordable" projects I wish this will be in forced.

Or it might go to the category of: " Investors incentives", "Special strategical planning", etc, etc

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Kuwait's KGL Petroleum to Invest $500 Million in Jordan

Kuwait's KGL Petroleum to Invest $500 Million in Jordan

Amman, July 12 (Petra)--Board Chairman of the Kuwait KGL Petroleum Company and Former Kuwaiti Industry and Trade Minister Yousef Al Zalzalah said that the company had allocated $500 million for investment in Jordan.

"The amount could increase, for the company intends to expand its investment in the future," Al Zalzalah said in a statement to Jordan News Agency.

His visit to Jordan, he added, came due to Jordan's good reputation in the investment field, noting that this prompted Kuwaitis to set up investment projects in Jordan.

The KGL chairman said the company has investments in various oil sectors, adding the company started investing in Jordan, particularly after its representatives attended a conference in Jordan and held meetings with Jordanian investors.

Al Zalzalah hailed Jordanian legislations which encourage Arab and foreign investors to invest in the country through providing them with facilities and preserving their rights.

"The strong brotherly ties between His Majesty King Abdullah II and the Emir of Kuwait Sheikh Sabah Al Ahmad Al Sabah also prompted Kuwaitis to invest in the Kingdom," he added.