Local housing sector drops in real estate sales during Ramadan

AMMAN — Being vulnerable to the influence of Ramadan, the local housing sector sees a drop in real estate sales, according to stakeholders.

Many buyers have postponed their property hunting until after Ramadan and this for sure has negative consequences, former Housing Developers Association (JHDA) President Kamal Awamleh, told The Jordan Times.

He added that during the holy month of Ramadan many businesses observe major changes marked by decreased operating hours and the general shift in people’s daily lives and routines.

In Ramadan, people are more focused on their religious practices, family-oriented gatherings, social activities and work, according to Mahmoud Salah, a housing expert, who told The Jordan Times that the demand has dropped by around 20 per cent during the first week of Ramadan.

There are, nevertheless, some positive aspects during this time for people who are looking to buy a new property, Salah noted. Adding that sector operators and developers are more likely to offer deals and discounts to entice potential buyers due to a reduced competition and a calmer market.

The offers and discounts may include the installation of free home decorations, reduced prices, or other incentives.

“Ramadan is a month during which all business activities experience changing trends and major shifts,” he pointed out. Adding that people put their plans on hold and this means that market activity will be on the decline.