Housing market slows as peak season ends, stakeholders report

AMMAN — Jordan’s housing market is experiencing a slowdown as the peak season winds down, influenced by the start of the new school year, the return of expatriates, and other seasonal factors, according to industry stakeholders. 

“There is an apparent slowdown in market activity as the summer vacation ends and people return to work routines,” Mahmoud Salah, a land developer and housing expert, told The Jordan Times on Wednesday.

He noted that the end of August and the beginning of September often see reduced buyer demand, prompting potential buyers to seek better deals and more favourable terms. 

Salah highlighted that during this period, the market often undergoes slight price adjustments as the sector cools down. 

Similarly, land developer Qais Irshaid observed that the market becomes saturated with unsold properties after a busy summer, leading buyers to wait for further price reductions or new listings.

He also emphasised the impact of interest rates, noting that even minor increases can deter potential buyers.

A recent report from the Association of Banks in Jordan indicated that housing loans decreased by 17.6 percent in 2023 compared with 2022, reflecting ongoing affordability issues and broader economic challenges. Commenting on the data, Irshaid stated: “A decrease in housing loans might indicate a slowdown in the housing market.”