Cabinet launches new measures to rejuvenate real estate market

AMMAN — The Cabinet on Wednesday endorsed a number of procedures aimed at revitalising the real estate market, currently in slowdown, a government statement said.  

As part of the aforementioned procedures, the four-dunum land parcelling system will now apply to all lands within the Kingdom, the Jordan News Agency, Petra, reported.

The only exception is land that falls under special laws, the statement added. 

This decision is expected to increase the number of real estate transactions, therefore invigorating activity within the market through trading and investment, Petra said. 

The Cabinet also approved a decision to lower the basic price offering of real estate by 20 per cent, so that it better aligns with the market value, the statement explained. 

As such, fees and taxes pertaining to the sale of real estate will be mitigated due to the decrease in the estimated value of lands and the increased number of parcelling-out and ownership-transfer transactions, according to Petra.

Under the new changes, citizens will now be exempt from fees levied on ownership transfer and the consensual parcelling out of land, a matter which would facilitate the process of transferring land ownership from the deceased to their living inheritors, Petra said.

Remarking on the Cabinet’s latest decisions, Senator Issa Murad reiterated, in a statement carried by Petra, that those pertaining to the real estate market would boost the sector’s momentum and restore balance to the supply-demand equation in the market.   

The Cabinet had earlier approved an amended version of the Amman Building and Urban Planning by-law, which reflected positively on the Department of Land and Survey’s revenues, according to Petra.