'Government incentives will stimulate real estate market'

25-07-2015 10:50 PM

Ammon News - AMMONNEWS - A package of incentives unveiled recently by the government to deal with a slump in real estate sales would positively reflect on demand on housing and market indicators in the coming months, said Jordan Housing Developers Association President Kamal Awamleh.

Under the incentives, apartments of 150 square metres (sq.m.) are exempted from registration fees, in addition to reducing registration fees and taxes on properties from 10 per cent to 5 per cent.

Awamleh said the housing sector had witnessed a slowdown in performance and apartment sales over the past months "for reasons tied to supply and demand on the one hand, and organisational and procedural challenges on the other, put aside the repercussions of the political situation in the region".

"The decisions are largely in the citizens' favour since they exempt them from fees of apartments over 150 sq.m. and thus a citizen will pay relatively low fees on any areas of over 150 square metres and less than 180 metres, a matter of benefit to the buyer", said Awamleh.

Furthermore, he said, a Jordanian can use the new exemptions to buy more than one apartment before the order's end-of-2015 expiry date.

However, he said, sector investors are awaiting an organisational stimulus package, including deregulation by relevant official entities as well as expediting a master plan on land use in Amman that urges speedier issuance of housing licenses that would reduce cost and prompt apartment prices to drop.

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