Apartment sales prices in Jordan jump 14% in 2013

519Although rental rates in Jordan experienced no significant changes during Q4 2013, apartment sales prices jumped 8% in the final quarter averaging 14% in certain areas over the past 12 months, says the latest quarterly real estate report for Jordan, released by leading property management company Asteco.

According to the Q4 2013 report however, increased supply matching demand resulted in apartment rental rates remaining relatively unchanged compared to Q3 2013, while year-on-year growth amounted to 2% on average.

“Sales prices over the past year in areas such as Al-Rabiah (up 24%), Sweifieh (up 19%) Der Ghabar (up 14%) and Um Othainah (up 13%) witnessed strong growth predominantly from Jordanian nationals. Investors were primarily interested in smaller studio apartments, with good potential leasing prospects. Owner-occupiers preferred larger apartments ranging from 250 to 300 square metres,” said John Stevens, Managing Director, Asteco Property Management.

To buy an apartment in Sweifieh now costs on average JOD 1,175 per square metre, an annual increase of 19%, however to rent a two-bedroom apartment in the same district would cost a tenant around JOD 7,875 per annum, a year-on-year increase of just 2%.

In contrast to the residential leasing sector, office leasing rates declined marginally by 2%, compared with the previous quarter. According to the report, this was partly due to a disparity between landlords who wanted to lease full or half floors and tenants who only wanted space up to 200 square metres. Average office space in Wadi Saqrah would now lease for JOD 98 per square metre per annum a drop of 3% year-on-year.

Asking prices for commercial property sales remained depressed with few transactions, which were accentuated by developers raising their prices by 8% to offset a rise in construction costs.

“We anticipate a slowdown in the office market in 2014, especially for properties for sale, as supply increases and demand is limited, which will likely put downward pressure on prices,” added Stevens.

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