The Jordanian government has taken stimulating measures to boost various economic sectors, including real estate. The government aims to attract businessmen and Arab and foreign investors, encouraging them to own real estate assets that have long been a center of attraction for different nationalities, especially Iraqis, Syrians, and Gulf nationals. This has had a positive impact on public revenues.
Economic experts believe that the recent government measures regarding foreign residency in Jordan and simplifying procedures will increase the influx of Arabs and foreigners, particularly businesspeople and those with capital, to settle in Jordan, establish various projects, and deposit savings in Jordanian banks.
The Jordanian Cabinet decided to approve an amendment to its previous decision regarding the value of bank deposits for foreigners wishing to renew their annual residency. The amendment removes the requirement to deposit ten thousand dinars for property owners, provided they maintain ownership of the property for the duration of their stay in the Kingdom and have resided in Jordan for over two years (1 Jordanian dinar = 1.41 USD). The amendment also reduces the deposit to ten thousand dinars from twenty thousand dinars for those not owning property in the country and wishing to obtain a five-year residency permit or renew it for the same period.
In his recent statements, Fadi Al-Majali, President of the Association of Jordanian Businesswomen and Businessmen Abroad (Tawasul), said that these measures will have a direct positive impact on foreign investment, especially in the real estate sector, by encouraging foreigners to purchase property.
He added that the removal of the deposit requirement for property owners makes investing in real estate more attractive, as foreign investors no longer need to freeze part of their funds in banks. This will encourage more investors to buy property in Jordan, whether for residential or investment purposes, thus increasing demand in the real estate market.
He stated that this decision is expected to attract new investors to the Jordanian market, increase the number of foreign investors wishing to settle and run their businesses from Jordan, and support the real estate development and contracting sectors. The expected increase in demand for properties will revitalize the sector, leading to the construction of more residential and commercial projects to meet the demand, which will positively impact the economy by stimulating the construction sector and creating new job opportunities.
