Real estate market to rebound post-Ramadan in Jordan

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AMMAN — Local housing sector operators and experts forecast an increase in property demand as the market gradually returns to normal following Ramadan.

Mahmoud Salah, a land developer and housing expert, told The Jordan Times on Thursday that sector operators are continually monitoring housing market trends and forecasts.

Salah also highlighted that the market is likely to continue grappling with the dual challenges of high-interest rates and increasing property prices. He also noted that during the holy month of Ramadan, sales of new and existing homes have significantly slowed down, with a decline of around 40 per cent observed.

Hassan Mansour, a Zarqa-based land developer, pointed out that while consumer preferences for housing are constantly evolving, affordability remains a common requirement, emphasising that many home buyers capitalised on the special offers and discounts available during Ramadan.

Despite potential increases in overall prices due to rising freight costs, he expects a slower price increase compared with previous years.

According to a monthly report released by the Department of Land and Survey, the trade volume in the local real estate market increased by 17 per cent in February compared with the first month of 2024.

Kamal Awamleh, former president of the Housing Developers Association (JHDA), previously said that many buyers have deferred their property search until after Ramadan, which has significantly impacted the overall performance of the sector.