AMMAN - The real estate sector registered a 17.5 per cent growth last year despite the global credit crunch that affected most sectors, figures showed Monday.
According to Usama Rabeh, head of housing committee at the Jordan Engineers Association (JEA), the sector was marked by a healthy performance in 2009 and further improvement is expected during the current year.
The findings were based on a study conducted by the JEA housing committee based on figures on permits granted for local and foreign companies to carry out new projects.
The JEA issued permits for companies to build on a total of 11.8 million square metres in 2009 compared to 10.5 million square metres in 2008, Rabeh indicated.
Construction for housing purposes increased significantly by 24 per cent, he said noting that growth in this sector was in Amman and other governorates across the Kingdom.
"In Madaba, the rate of housing projects increased by a high 92 per cent, the highest in the Kingdom with Maan second at 68 per cent," he told The Jordan Times.
"The international crisis had its impact on the Kingdom like any other country, but the sector remains in healthy condition," he said.
Jerash and Karak were the lowest in terms of growth at 8.3 per cent and 10 per cent respectively.
Observers attribute the decline in real estate in Jerash to the recent crisis that hit the city after the pyramid scam by some investment companies.
Growth rates in other cities including Zarqa, Irbid, Ajloun, Aqaba, Tafilah and the Zarqa governorates ranged between 10 per cent to 15 per cent, showed the study.
Jordan's real estate market was hit hard in light of the international financial crisis with many mega-projects put on hold.
By Mohammad Ben Hussein
© Jordan Times 2010
