Experts anticipate rise in housing market demand

AMMAN — Industry experts expected a 10 per cent increase in demand for housing in May as summer approaches.

Mahmoud Salah, a seasoned land developer and housing expert, told The Jordan Times that the sector’s seasonality varies across locations, a trend evident in the sales data from Amman, Zarqa, and other parts of the country.

Salah also drew attention to the current housing market situation, likening it to a bubble, referring to significant price increases driven by a temporary surge in demand, deviating from the fundamental factors that typically influence prices. 

“The current demand for housing is unsustainable,” he said.

Despite May being projected as a promising month for stakeholders from various perspectives, a number of housing experts express concerns, pointing to a sharp decline in demand during the initial months of the year, a trend they fear may continue to worsen.

Land developer Qais Irshaid highlighted a noticeable shift in home buying patterns and demand, saying that prospective home buyers are increasingly prioritising affordability, a factor that has been outpaced by real estate prices for a considerable period. 

Irshaid told The Jordan Times, “A slight increase in demand is expected, but the percentage would still be less compared with last year, given the uncertain geopolitical climate.”