Real estate sales surge on registration fee stimulus, official data

AMMAN — Jordan's residential property market recorded a 19 per cent year-on-year surge in large-unit transactions during November-December 2023, with 2,743 units sold in the above-150-square-meter segment, the Department of Lands and Survey reports.

"The robust uptick in transactions directly correlates with the Cabinet's 50 per cent registration fee exemption policy," Director General Ahmad Al-Amoush said, noting that total real estate trading volume reached JD6.7 billion in 2023, with projections indicating continued market momentum through 2025. 

The market response validates the effectiveness of the government's real estate stimulus package, which includes a dual-tier fee structure: a complete registration fee waiver for first-time buyers of units under 150 square metres, coupled with a 50 per cent exemption for larger units.

The initiative also features a three-year, 50 per cent property tax reduction for first-time homeowners, which is designed to enhance market accessibility and stimulate housing demand, the Jordan News Agency, Petra, reported. 

On the digital transformation front, the Department has achieved a 70 per cent reduction in footfall through automation, processing 11,451 digital transactions and issuing 67,243 property documents including title deeds and land plans as of November's data.

The agency is poised to roll out 22 additional digital services as part of its comprehensive automation strategy targeted for completion by end of 2025.

The policy framework aims to optimise market liquidity while providing sustainable financing solutions for prospective homeowners, particularly those seeking mortgage financing.