The local market is witnessing a supply of apartments greater than the demand, driven by the rise in interest rates on loans, according to what workers in the real estate sector confirmed.
In interviews with Al-Rai, they pointed out that apartment prices have not witnessed any increases due to several factors, the most important of which is the decline in demand levels during this year compared to last year.
The total area of licensed buildings in Jordan during the first half of this year increased by 18 percent, reaching about 4.52 million square meters, compared to 3.83 million square meters for the same period last year.
The monthly report issued by the Department of General Statistics indicated that the total number of building permits issued in the Kingdom reached 11,645 permits during the first half of this year, compared to 11,137 permits during the same period last year, an increase of 4.6 percent.
The area of buildings licensed for residential purposes during the first half of this year amounted to about 3.81 million square meters, compared to about 3.16 million square meters during the same period last year, an increase of 20.6 percent.
While the area of buildings licensed for non-residential purposes in the first half of the current year amounted to about 703 thousand square meters, compared to about 664 thousand square meters during the same period last year, an increase of 5.9 percent.
According to the report, the area of buildings licensed for residential purposes during the first half of this year constituted 84.4 percent of the total area of licensed buildings, while the area of buildings licensed for non-residential purposes constituted 15.6 percent of the total area of licensed buildings.
The investor in the housing sector, Engineer Suleiman Al-Dawoud, confirmed that the local market is witnessing a supply of apartments greater than the volume of demand, driven by several factors, the most important of which is the rise in interest rates on loans, which has had a negative impact on the sector.
Al-Daoud pointed out that the interest rates on loans were reflected in the local demand for apartments from the beginning of this year until the current period. Al-Daoud indicated that a large percentage of investors are now reducing their profit margins on apartments so that they can liquidate the apartments and fulfill their obligations.
Housing sector investor Munther Al-Kilani agreed with Al-Daoud’s opinion that the local market is witnessing a supply greater than the volume of demand for residential apartments due to several factors, the most important of which is the high interest on housing loans on the one hand and the state of recession that the markets are witnessing on the other hand.
Al-Kilani pointed out that the prices of apartments did not witness any increases due to weak demand, explaining that the prices of construction materials witnessed increases over their prices approximately two years ago. Al-Rai
The local market is witnessing a supply of apartments greater than the demand, driven by the rise in interest rates on loans, according to what workers in the real estate sector confirmed.
In interviews with Al-Rai, they pointed out that apartment prices have not witnessed any increases due to several factors, the most important of which is the decline in demand levels during this year compared to last year.
The total area of licensed buildings in Jordan during the first half of this year increased by 18 percent, reaching about 4.52 million square meters, compared to 3.83 million square meters for the same period last year.
The monthly report issued by the Department of General Statistics indicated that the total number of building permits issued in the Kingdom reached 11,645 permits during the first half of this year, compared to 11,137 permits during the same period last year, an increase of 4.6 percent.
The area of buildings licensed for residential purposes during the first half of this year amounted to about 3.81 million square meters, compared to about 3.16 million square meters during the same period last year, an increase of 20.6 percent.
While the area of buildings licensed for non-residential purposes in the first half of the current year amounted to about 703 thousand square meters, compared to about 664 thousand square meters during the same period last year, an increase of 5.9 percent.
According to the report, the area of buildings licensed for residential purposes during the first half of this year constituted 84.4 percent of the total area of licensed buildings, while the area of buildings licensed for non-residential purposes constituted 15.6 percent of the total area of licensed buildings.
The investor in the housing sector, Engineer Suleiman Al-Dawoud, confirmed that the local market is witnessing a supply of apartments greater than the volume of demand, driven by several factors, the most important of which is the rise in interest rates on loans, which has had a negative impact on the sector.
Al-Daoud pointed out that the interest rates on loans were reflected in the local demand for apartments from the beginning of this year until the current period. Al-Daoud indicated that a large percentage of investors are now reducing their profit margins on apartments so that they can liquidate the apartments and fulfill their obligations.
Housing sector investor Munther Al-Kilani agreed with Al-Daoud’s opinion that the local market is witnessing a supply greater than the volume of demand for residential apartments due to several factors, the most important of which is the high interest on housing loans on the one hand and the state of recession that the markets are witnessing on the other hand.
Al-Kilani pointed out that the prices of apartments did not witness any increases due to weak demand, explaining that the prices of construction materials witnessed increases over their prices approximately two years ago. Al-Rai
The local market is witnessing a supply of apartments greater than the demand, driven by the rise in interest rates on loans, according to what workers in the real estate sector confirmed.
In interviews with Al-Rai, they pointed out that apartment prices have not witnessed any increases due to several factors, the most important of which is the decline in demand levels during this year compared to last year.
The total area of licensed buildings in Jordan during the first half of this year increased by 18 percent, reaching about 4.52 million square meters, compared to 3.83 million square meters for the same period last year.
The monthly report issued by the Department of General Statistics indicated that the total number of building permits issued in the Kingdom reached 11,645 permits during the first half of this year, compared to 11,137 permits during the same period last year, an increase of 4.6 percent.
The area of buildings licensed for residential purposes during the first half of this year amounted to about 3.81 million square meters, compared to about 3.16 million square meters during the same period last year, an increase of 20.6 percent.
While the area of buildings licensed for non-residential purposes in the first half of the current year amounted to about 703 thousand square meters, compared to about 664 thousand square meters during the same period last year, an increase of 5.9 percent.
According to the report, the area of buildings licensed for residential purposes during the first half of this year constituted 84.4 percent of the total area of licensed buildings, while the area of buildings licensed for non-residential purposes constituted 15.6 percent of the total area of licensed buildings.
The investor in the housing sector, Engineer Suleiman Al-Dawoud, confirmed that the local market is witnessing a supply of apartments greater than the volume of demand, driven by several factors, the most important of which is the rise in interest rates on loans, which has had a negative impact on the sector.
Al-Daoud pointed out that the interest rates on loans were reflected in the local demand for apartments from the beginning of this year until the current period. Al-Daoud indicated that a large percentage of investors are now reducing their profit margins on apartments so that they can liquidate the apartments and fulfill their obligations.
Housing sector investor Munther Al-Kilani agreed with Al-Daoud’s opinion that the local market is witnessing a supply greater than the volume of demand for residential apartments due to several factors, the most important of which is the high interest on housing loans on the one hand and the state of recession that the markets are witnessing on the other hand.
Al-Kilani pointed out that the prices of apartments did not witness any increases due to weak demand, explaining that the prices of construction materials witnessed increases over their prices approximately two years ago. Al-Rai
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Real estate agents: The local market is witnessing a supply of apartments greater than the demand
 
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