Jordan: Demand for residential apartments drops amid regional tensions — stakeholders
AMMAN — Real estate investors have reported a 'noticeable' decline in demand for residential apartments since the onset of the Iranian-Israeli conflict, citing the suspension of flights and the absence of returning expatriates as key factors behind the slowdown.
Speaking to Al Rai Newspaper, investors emphasised that the housing sector in Jordan relies heavily on the seasonal return of expatriates working abroad, particularly during the summer months, when demand for apartments typically peaks.
However, the ongoing regional tensions have disrupted travel plans, leading to a drop in demand that is already affecting the market.
According to the latest monthly report from the Department of Lands and Survey, the total volume of real estate transactions in Jordan fell by 12 per cent in March compared to the same month last year, and by 26 per cent compared to February.
The market's total value reached JD402 million for the month.
Suleiman Dawood, a housing sector investor, stressed that demand has waned 'significantly' since the beginning of the conflict.
'The market is feeling the impact of expatriates not returning for the summer vacation due to instability in the region,' he said.
Dawood underscored that the housing sector depends 'significantly' on expatriate buyers, particularly in the summer when many return home and invest in property.
Investor Munther Kilani echoed similar concerns, noting that the market downturn is closely tied to geopolitical developments.
'The decline in apartment demand is directly linked to the Iranian-Israeli war,' he said, reiterating the sector's reliance on foreign-based Jordanians as a major driver of summer sales.
Industry experts warn that continued instability in the region could further dampen market activity in the coming months unless travel conditions improve and investor confidence is restored.
© Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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