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Jordanian real estate market experiences notable decrease in trading volume
(MENAFN) The Jordanian real estate market has experienced a notable decrease in trading volume over the first nine months of this year, down 3 percent compared to the same period in 2022. The total trading volume during this timeframe reached 5.086 billion dinars, indicating a slowdown in market activity.
In September specifically, the volume of real estate transactions saw a sharper decline, dropping by 10 percent from the previous month to 639 million dinars. However, it is worth noting that this figure represents a 5 percent increase compared to September of last year, suggesting some resilience year-over-year despite recent challenges.
The revenue generated by the Department of Land and Survey has also felt the impact of this slowdown. For the first nine months of the year, the department's revenue decreased by 2 percent compared to the same period last year, totaling 193 million dinars. Nonetheless, there was a significant uptick in revenue during September, which increased by 24 percent compared to the same month last year and by 2 percent from the previous month, amounting to 25 million dinars.
Ownership transactions for non-Jordanians also faced challenges in September, with a decline of 8 percent compared to the same month in the previous year. This segment of the market saw a further 10 percent drop from August to September. The sales of apartments decreased by 8 percent year-over-year and 3 percent month-over-month, while land sales were down 8 percent compared to September 2022 and saw a more significant decline of 19 percent from August.
Looking at the broader picture, the estimated value of ownership transactions for non-Jordanians during the first nine months of this year fell by 7 percent compared to the same period last year, totaling 157 million dinars.
Overall, while certain indicators, such as monthly revenue, show signs of recovery, the real estate market faces a complex landscape characterized by declining trading volumes and mixed transaction results. As the year progresses, stakeholders will be closely monitoring these trends to gauge the market's resilience and potential for future recovery.
In September specifically, the volume of real estate transactions saw a sharper decline, dropping by 10 percent from the previous month to 639 million dinars. However, it is worth noting that this figure represents a 5 percent increase compared to September of last year, suggesting some resilience year-over-year despite recent challenges.
The revenue generated by the Department of Land and Survey has also felt the impact of this slowdown. For the first nine months of the year, the department's revenue decreased by 2 percent compared to the same period last year, totaling 193 million dinars. Nonetheless, there was a significant uptick in revenue during September, which increased by 24 percent compared to the same month last year and by 2 percent from the previous month, amounting to 25 million dinars.
Ownership transactions for non-Jordanians also faced challenges in September, with a decline of 8 percent compared to the same month in the previous year. This segment of the market saw a further 10 percent drop from August to September. The sales of apartments decreased by 8 percent year-over-year and 3 percent month-over-month, while land sales were down 8 percent compared to September 2022 and saw a more significant decline of 19 percent from August.
Looking at the broader picture, the estimated value of ownership transactions for non-Jordanians during the first nine months of this year fell by 7 percent compared to the same period last year, totaling 157 million dinars.
Overall, while certain indicators, such as monthly revenue, show signs of recovery, the real estate market faces a complex landscape characterized by declining trading volumes and mixed transaction results. As the year progresses, stakeholders will be closely monitoring these trends to gauge the market's resilience and potential for future recovery.
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