Jordan's Buoyant Real Estate Sector Attracting Regional and International Investment

A high-level delegation of Jordanian government officials and business leaders are to attend Cityscape, the Middle East's premier property investment and development conference, to highlight the booming real estate market in Jordan, which is expected to grow by up to 20 percent a year.

Led by the minister of planning and international cooperation, Dr. Bassem Awadallah, the delegation will hold a special briefing for conference visitors on urban regeneration, tourism and government investment projects in Jordan.

Currently the sector is experiencing rapid growth. In 2003, the market rose by 15 percent compared to the previous year, because of Kingdom's economic growth continued, coupled with the decision by expatriate Jordanians to build homes in the country, as well as a move by Iraqis to buy homes in the country ahead of the war.

"As we undergo profound socioeconomic development in Jordan, we are witnessing a true boom in the construction sector. In the first half of this year, construction activity alone grew by 17 percent. With major commercial and residential development projects underway, reflective of the growing needs of society, we come to Cityscape with the hope of forging partnerships with friends, both old and new," said Dr. Awadallah.

Major investment projects currently underway in Jordan include the Zarqa New Garden City development, 25 km northeast of Amman. The 2,500-hectare site will include residential properties, restaurants, cafes, shopping arcades cinemas and other entertainment facilities.

Akram Abu Hamdan, director-general, of the National Resources Investment and Development Corporation (Mawared), behind the Zarqa initiative said: "Cityscape has become an international forum offering a unique opportunity to meet with world-class architects, designers and leading property investment and development experts from all over the world.'

"We hope to meet with regional and international property investors and developers, and attract them to the exciting real estate opportunities that exist in Jordan, which is one of the safest and most buoyant property markets in the region.'
Demand for residential properties currently ranges from between 20,000 and 25,000 per year, and this figure is expected to increase dramatically because of the large population of young people. Currently over 37 percent of the population is under the age of 15, while the economically active population of 15 to 64 year-olds makes up over 58 percent.

The Abdali Urban Regeneration Project is the largest contiguous vacant plot in the center of Amman. The 30-hectare site will house the American University of Jordan, catering for 6,000 graduate students, as well as high-rise tower blocks, luxury apartment buildings, retail outlets, cinemas and other entertainment facilities, medical center and a hotel.

"We hope to introduce the project to a wide professional audience, and seek potential investors, developers and world-renowned architects for our project,' said Joseph Helou, managing director, Abdali Investment and Development psc, the company behind the project.

Another proposed development is the Aqaba Lagoon Tourism Site, consisting of a series of man-made lagoons, hotels, and residential communities on the shoreline of the Gulf of Aqaba.

Other Jordanian delegates to the Cityscape 2004, taking place at the Dubai International Exhibition Centre from 29 November to 1 December, include Dr. Khalid Al-Wazany, director general, Social Security Corporation; Imad Fakhoury, chairman designate, Aqaba Development Corporation; Fawaz Shalan, chief executive officer, Medicare; Naser Khalidi, general manager, Jordan Projects for Tourism Development

"The real estate and construction sector in Jordan is currently undergoing rapid development, and the presence of such a senior delegation underlines the commitment there is in Jordan to attract both regional and international investment,' said Shabnam Rawal, Conference Director, IIR, organizers of Cityscape 2004. "We welcome the minister's participation, and look forward to hearing his vision for future development in the country.'

Over 70 speakers will attend the Cityscape 2004 Conference – the region's premier property investment and development event. Running alongside this world-class conference is the Cityscape 2004 exhibition, which this year will attract over 5,000 leading international figures from the real estate industry.

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About Cityscape

Cityscape is a networking event that attracts regional and international architects, property development professionals and global institutional investors to an annual showcase that celebrates the very best in Commercial Architecture, Property Design and Development. The event as a whole attracts major investors from the international arena, looking for new projects and opportunities for development.

For further information go to www.cityscape-online.com