Snasco, one of the leading real estate firms in the region, has announced its intention to enter the Jordanian property market.

Following the firm’s establishment in Saudi Arabia and the subsequent launch of the Sharjah Investment Centre mega-project, Saleh Al Sorayai, chairman of Snasco, said that the move to Jordan is the next logical step in the company’s expansion strategy.

“Jordan is fast becoming one of the region’s most prolific markets for international investors, with the Jordanian government’s flexible laws facilitating the smooth operation of foreign investment. With Jordan’s residential property sector as highly active as it is, we expect to see a significant increase in the demand for commercial property, and will be keeping a close eye on this sector as we weigh our options in Jordan,” he said.
 
Al Sorayai pointed out that the move was the result of extensive research into the benefits expected from investments in Jordanian real estate, where investments in the residential sector amount to 4 billion JD ($5.7 billion) and the figure was expected to increase to 20 billion JD within the next five years.

“This growth in the residential property development sector has, in turn lead to an increased demand for office space and other commercial property.  Additionally, land sales rake in approximately 3 billion JD annually. 

 Real estate revenues are expected to account for 15 per cent of Jordan’s GDP over the next five years, according to industry reports.

The sector is set to see a tremendous increase in demand for real estate due to factors such as the country’s stability and the incentives offered by the Jordanian government to investors.-TradeArabia News Service