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Read more with google mobile : Jordan home sales up amid property recession fears
Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: Jordan home sales up amid property recession fears AFP - 1 hour 48 minutes ago AMMAN (AFP) - - Jordanians are snapping up houses despite soaring prices and warnings from analysts in the six-billion-dollar housing sector that a property "disaster" is looming. People bought more than 18,000 apartments between January and September 2008 across Jordan, compared to 14,498 in the same period in 2007, according to the Department of Land and Survey. The lion's share of the sales went to Amman -- home to about one third of Jordan's nearly six million population -- where more than 13,500 apartments have been sold last year. According to experts there is a need for around 30,000 apartments in Amman each year. Non-Jordanians, mainly Iraqis, bought more than 970 apartments in 2008 across Jordan, where the population is growing by almost 3.5 percent annually. "We expect a disaster in mid-2009 in the housing sector," Ahmad Samara, an architect and consultant in real estate business, told AFP. "Most people have bought their apartments through banks, which now need cash due to the financial crisis. If people fail to pay back what they have borrowed, the banks are going to foreclose on their property." Samara called on the government to intervene. "The government, which realises that a problem is coming, should come up with a clear strategy to tackle it and save the sector," he said. Abu Fadi, a housing contractor and developer, was also pessimistic. "Many people I know are holding on to their money, expecting that something bad is going to happen. They are not sure how it would develop, but they feel it's coming," he said. "I also know that several real estate companies and projects are having some serious problems now. We are part of the world and it is normal to be affected by the global issues." Officials however have dismissed these concerns. "It's a flourishing market with very positive indications," said Mazen Shutar, head of the Department of Land and Survey, which collects 10 percent of the estimated value of purchased real estate. "Our figures show that the market is growing steadily despite an unprecedented increase in prices." Housing prices have doubled since the 2003 US-led war on neighbouring Iraq, which has forced around 750,000 refugees to flee the violence in their country to safety in Jordan. Soaring oil prices in the past few years have also contributed to a surge in prices of property in general. Shutar said some people "may have tightened their belts as a general trend" after the global crisis. "They started to buy smaller apartments, but this does not mean that we are facing a disaster. We are monitoring the situation closely," he added. According to Shutar, a 15-percent increase in the sale of apartments that are less than 120 square metres (nearly 1,300 square feet) has been been recorded in 2008. In order to tackle high prices of housing, Jordan's King Abdullah II has launched a seven-billion-dollar housing project for low-income citizens across the kingdom. Under the "Decent Home for Decent Living" plan, 100,000 apartments will be built in northern, central and southern Jordan over the next five years. An additional 100,000 could be built if necessary, officials said. The apartments will be sold for around 33,000 dollars each, in 240 installments, and their sizes will vary from 80 to 140 square meters (860 to 1,500 square feet). Other government housing plans are already under way. "The government plans to provide each eligible citizen with a very easy loan of around 14,000 dollars to buy a house outside government housing project," said Zuheir Omari, head of the housing investors association. Majdi Baz, an architect who owns and runs a real estate company, said demand for apartments is expected to increase in 2009. "People are currently waiting for the prices of houses to drop as a result of the decrease in oil prices, but they are not expected to drop more than five to 10 percent," he told AFP. "Demand is likely to increase in the summer because... some financially-troubled companies in the Gulf have laid off thousands of Jordanians who are expected to return to the kingdom and buy apartments." Baz added that "the only possible problem is that there might not be enough apartments in the summer to meet the expected demand." "Some developers are waiting for prices of building materials to drop more so they can build apartments that are cheaper than the existing ones," he said. Regardless of the situation, Jordanians consider buying property a necessity and good investment. "I had to take a loan of 70,000 dinars (about 99,000 dollars) from the bank to buy my current house in Khalda," in western Amman, said Omar Nasser. "People might think it's too much, but in my opinion, I have taken the right step. It's much better than renting an apartment, and I can always resell and profit," said the 40-year-old dentist. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Entertainment & Lifestyle "WALL-E" and "Man on Wire" critics' top picksReuters - 1 hour 46 minutes ago Brendan Fraser joins Harrison Ford in dramaReuters - 1 hour 48 minutes ago Emmanuelle Chriqui joins Russian roulette thrillerReuters - 1 hour 55 minutes ago Japan-flavored Taiwan film gets China release dateAP - 2 hours 3 minutes ago `WALL-E,' `Man on Wire' top Golden Tomato AwardsAP - 2 hours 46 minutes ago Enlarge Photo A labourer works at a site where an apartment building is being constructed in Amman, on January 8. Jordanians are snapping up houses despite soaring prices and warnings from analysts in the six-billion-dollar housing sector that a property "disaster" is looming. 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Wednesday, 14 January 2009 - Jordan home sales up amid property recession fears