Jordan's Housing Investors Society (HIS) has warned prices of residential property are expected to surge by 15 to 20% next summer, Jordan Times has reported.
Developers will incur higher construction costs in 2013 due to rising fuel prices and an anticipated increase in the prices of construction material, which will push up the value of apartments, said HIS president, Kamal Awamleh. A slowdown in the real estate market has prompted investors to reduce their profit margins to encourage potential buyers, he added.
"It is very hard to raise property prices at this point of time, as there is stagnation in demand due to difficult economic conditions in the kingdom," Awamleh said, pointing out that 85% of residential property buyers are Jordanians.
Jordan Times
26 November
