The housing sector in Jordan is feeling the effects of regional instability, with experts noting a drop in demand for real estate this year. Former president of the Jordan Housing Developers Association (JHDA), Kamal Awamleh, highlighted a 6% decrease in overall demand, with residential apartment demand seeing a 2% decline. The market also saw a 7% drop in demand for land, indicating a slowdown in the sector.
Awamleh warned that the decrease in licensed construction space could impact future investments, potentially leading to fewer bids and stalling sector growth. Former JHDA president Fawaz Hasan attributed the decline to regulatory procedures and lack of government support, emphasizing the need for streamlined processes to boost sectoral growth.
To address these challenges, a coordinated approach involving multiple stakeholders is necessary to ensure sustainable development and meet the growing housing demand. The Department of Land and Survey reported a 4% decline in real estate transactions in August, further highlighting the challenges faced by the sector.
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