Jordan's real estate trading drops by 25 percent in 8 months

03 September, 19:11

(ANSAmed) - AMMAN, SEPTEMBER 3 - Real estate trade dropped by 25 percent in Jordan in the first eight months of this year, government figures showed today, a slump blamed on political uncertainty in the region.

The market saw trading drop to JD 3.481 billion compared to 4.355 billion during the same period of 2011, according to figures released by the department of statistics on Monday.

The government said it generated nearly JD 200 million in tax revenues, compared to 142 in the year before, an increase attributed to higher taxation and less exemptions in comparison with 2011.

Jordan has been witnessing a steady growth in real estate market because of its political stability in a region embroiled with unrest.

A total of JD 2.85 million dinars exchanged hands in the real estate market between foreign investors and local companies, an increase of 3 percent compared to the previous year.

Foreigners buying property in the kingdom are on the rise, but the construction sector forcasts less growth in the coming months as the kingdom's economy remains on shaky grounds due to economic and political challenges, say observers.(ANSAmed).

ALL RIGHTS RESERVED © Copyright ANSA