Ammon News - AMMONNEWS - The Council of Ministers decided on Monday to extend until the end of 2020 exemptions of registration fees of apartments and lands, as part of the government's incentive bundle to revitalize the economy and stimulate investment.

In a session he chaired today, Prime Minister Omar Razzaz said that the extension falls within the government's review of decisions related to the executive bundles of the economic programme, and in response to observations received from citizens and investors in the construction, real estate and housing sectors.

"The measure aims to maximize the benefit from the measures incorporated in the bundle to revitalize the economy and spur investment, and to enable the citizens to own proper residences," he pointed out.

Finance Minister Mohammad Al-Ississ said the extension came "in view of the government's interest in stimulating this sector and keeping the robustness that occurred in the real estate market after this decision was taken."

He also pointed to the "positive" results of this decision, which were clearly evident in the high demand on apartment and real estate purchases, which was a reason for extending the decision, noting that the extension for one year is aimed prop up the construction and real estate sector.

Under a decision in October, the cabinet exempted the first 150 square metres of apartments and lands from registration and ownership transfer fees until the end of the year, regardless of the seller or the total area of the apartment or the number of apartments owned by Jordanians.

The remaining area of the apartment is subject to lower fees and taxes, which total 50 per cent of the rates mentioned in the law.