Demand in local housing stands below expectations –stakeholders

AMMAN — Despite summertime being the buying season for many potential buyers, the demand in the local housing market remains below expectations, according to stakeholders. 

“Seasonality always brings new buyers, however this summer, many stakeholders observed a decline in demand when compared with the same period last year,” Mahmoud Salah, a seasoned land developer and housing expert, told The Jordan Times over the phone on Sunday.

He added that there is a decline in demand by around 25 per cent, compared with the same time of 2023, noting that higher interest rates are among the main factors for the decreasing demand. 

In this regard, land developer Qais Irshaid said that “this summer, our sales are not as usual, however we expect a rise in demand by mid July”.

According to Irshaid, apartments tend to sell faster during summertime which is considered a peak season for the industry, but this year things are a bit different due to continuous shifts in market trends and the ongoing war on the Gaza Strip.

He pointed out that there is an apparent decrease in purchase and sales of apartments and houses across the Kingdom. The trading volume in the local real estate market amounted to JD6,961 billion in 2023, according to the Department of Land and Survey.