Sales of over 150m2 apartments grow by 24% in April — DLS

AMMAN — Sales of apartments larger than 150 square metres (m2) increased by 24 per cent in April, compared with April last year, the Department of Lands and Survey (DLS) said on Sunday.

DLS attributed the growth to the Cabinet's decision issued on November 12 to exempt residential properties larger than 150m2 from a 50 per cent registration fee, the Jordan News Agency, Petra, reported.

The department said a total of 969 target properties were sold this April, out of a 5,755 overall apartments that exceed 150m2 sold since the decision was released.

The department stressed the "success" of the decision in “stimulating and boosting” the Kingdom's real estate market, which is the "primary" driver of multiple production and service sectors, and thus alleviating the citizens' burden.

Highlighting its efforts to update and develop its operations, the DLS said that this process comes, in accordance with the "best" international practices.

The DLS added that it is currently implementing plans and strategies to enhance investment environment in the Kingdom's real estate sector, as a "key" pillar of the national economy, which affects other various related sectors.