According to official figures and investors, trading in the housing market saw 24% increase during the first Q3 of 2011 making the real estate sector one of Jordan's top performing sectors this year.

According to a report issued by the Department of Land and Survey, the property market went up to JOD 4.9 billion during the first 9 months of 2011 from JOD 3.9 billion in the same period of last year.

Mr Zuhair Omari president of the Housing Investors Society indicated that the sector's performance this year has almost returned to the level of the boom period of 2006 and 2007.The rebound in the market, severely hit by the global financial crisis of 2008 was due to several factors.

He said that government incentives to homebuyers helped speed up the recovery of the housing industry. Consumers saved between 8% and 10% on housing purchases due to fee and tax exemptions.

In a bid to stimulate the housing market, the government decided in May 2009 to extend the exemption from registration fees on the first 120 square meters of apartments sized 150 square meters or less to apartments sized 300 square meters or less.

In June 2010, authorities decided to exempt the first 150 square meters of apartments sized 300 square meters or less from registration fees and reduced registration fees and taxes on properties from 10%t to 5%.

According to the department's report, DLS revenues from the January-September period reached JOD 164.8 million while the value of fee exemptions homebuyers benefited from during the same period totalled JOD 158.6 million. Consumers saved a total of JOD 335.7 million through fee exemptions since authorities took action to stimulate the sector in May 2009.

(Sourced from Jordan Times)