Jordan Real Estate Advisors

Recent News

Saraya Aqaba Project Changes Completion Date

Investors in the Saraya Aqaba Project were recently notified that the project will be finished in late 2010 rather than late 2009.  It seems that a few factors played a role in the delay.  One reason being that the developers want to finish the entire at one time.  In addition they are taking in consideration the global slowdown as many investors are cash straped.  The project shows great progress each month.  To view construction updates you can visit http://www.sarayaaqaba.com/main.html#/construction/ .

$10bn real estate project for Jordan

Al Maabar Jordan Real Estate Development Company announced on Wednesday the Marsa Zayed project, a $10 billion real estate investment in Aqaba.


Marsa Zayed is a 3.2-square- kilometre development with a 2-kilometre waterfront.

Under the project, Al Maabar, a subsidiary of Abu Dhabi-based Al Maabar International Investments, will develop the mixed-use waterfront project, including high-rise residential towers, retail, recreational, entertainment, business and financial facilities along with several branded hotels, the Jordan Times reported.

The company said the planned marinas are likely to “transform Aqaba into a premier yachting destination”. A cruise ship terminal is also on the drawing board.

The project will be implemented in several phases once the transfer of land ownership is complete, it added.

The first phase of the project will begin by the first half of 2010 following the completion of the land survey and a series of technical studies which are currently taking place in coordination with the Aqaba Special Economic Zone Authority (ASEZA).

In 2008, Al Maabar signed an agreement with the government under which the company acquired the land in Aqaba for $500 million for the development and establishment of the project.

ASEZA is implementing a plan to relocate the current port, moving it from the city centre to the southern tip of the district, officials have said.

The government’s handover of the land will be carried out in three phases - the first will take place by June of this year and the second in September, while the third and final phase by March 2013, once the new port is built.

Al Maabar said the investment will ensure job creation, stimulate the economy and enhance local skills and capabilities.

The announcement took place at a gala dinner held last night under the patronage of Prime Minister Nader Dahabi.

Damac launches smaller tower in Abdali

Central Avenue has a unique architectural design that captures the heritage of Amman. Truly like a modern lifestyle in downtown Abdali. Its high-tech glass and steel façade will provide a striking, sculptural addition to the skyline during the day and a glowing white beacon at night. Located at the gate-way to Abdali Master Plan, Central Avenue is 8-storeys tall and within close reach of malls and pedestrian walk links.

200 metre Limitless Towers to reshape Amman's skyline


                  
Amman, 13 February 2008…
… Limitless, the global master development arm of Dubai World, has burst onto the property scene in Jordan with Limitless Towers in Amman: iconic, residential towers topping 200 metres – the tallest in the country and among the highest twin buildings in the Middle East.

Limitless Towers – to be constructed in the Abdoun area of Amman – will reshape the skyline of the capital and marks the beginning of the city’s urban development plan, led by the Greater Amman Municipality. Mayor Maani of Amman talked about the importance of this project by saying that “…we took great care in selecting the location for towers within Amman, and this project is the beginning of a new era that will ensure major developments complement our unique cityscape and is serviced with proper transportation access, including public transit. In addition, this particular development helps to green the city in that it is located within a parkway setting …it is also part of our initiative to develop a pedestrian friendly city.”

Unveiling the US$300 million project, Saeed Ahmed Saeed, CEO of Limitless, said: “Limitless Towers is an architectural wonder that sets new standards in iconic, sustainable building design. What better way for us to enter Jordan than with this record breaking development that will add a new dimension to the country’s real estate offering?”

Limitless Towers will feature the world’s highest suspended swimming pool – 125 metres above the city – connecting the two towers. The glass-bottomed pool – accessed from the 40th storey of each building – will provide a bird’s-eye view of Amman and the surrounding landscape.

Designed to meet world environmental standards, Limitless Towers will also be the first ‘green’ building in Jordan, adopting a host of eco-friendly initiatives in its design, construction and maintenance, including innovative energy-saving techniques and water recycling systems to ensure it receives LEED accreditation.

In addition, a stone screen on the building façade, will ensure that the towers blend with the rich heritage of Amman.

Limitless Towers will be up to 60 storeys high with around 600 residential units, providing luxury accommodation for almost 2,000 people. There will also be a 1,000 square metre indoor plaza, with retail, entertainment and leisure facilities, as well as extensive outdoor space – a hallmark of all Limitless developments – spanning around 5,600 square metres.

The launch of Limitless Towers comes just three weeks after Limitless announced new, Amman-based operations for Jordan, where the company is planning more projects to add to its rapidly expanding global portfolio.

Saeed Ahmed Saeed said: “Jordan’s fast-growing economy, changing real estate requirements, convenient location and stability make it a firm favourite in our list of markets. Limitless Towers is the first of several distinctive, sustainable projects currently being assessed by our Jordan team.”

Work on Limitless Towers is due to begin in October 2008 and will take around three years to complete. Units are expected to go on sale from the summer this year.

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Recent Articles

The eyes of the world are fixed on the Middle East. Rumors and half truths are heard by all who will listen. Have you ever wondered what you would find if you made your own pilgrimage into this ancient region of the world? I have, and as I read the perceptions of journalists and tourist that have ventured into this “War Torn” country, I realize there seems to be little truth in the reports “rumors” of war. Jordan seems to be nestled in a hotspot of the Middle East, but is that the truth? Jordan has no interest or desire to join the conflicts that seem to plague the Middle East. The fact is, the residents are making the most of the resources available to them, like so many of us in this time of economical distress. They want to know who we are and share with us freely who they are. They welcome us into their country with a hardy shalom, “peace” and want to share their rich culture with all the world visitors who enter their gates. In actuality, the Jordanians depend on the tourist trade for about 10% of their yearly income. The tourist industry continues to develop this rich resource. It is the goal of Tourist Ministry to maintain renewable resources and protect the environment while inviting the world to stop by for a visit.

These ancient people find themselves located near Iraq, between Israel and the Palestinian Territories, surrounded by Lebanon, Syria, and Saudi Arabia. Boarded by the political extremes and the violence of the Israeli-Palestinian struggle, while being totally void of any oil reserves, and running low on available water resources, this has been a difficult time for this ancient country.

With the continued reports of terrorists attacks, the world travelers tend to hesitate adding Jordan to their list of tourist destinations. As this tour prepared to depart, there were reports of continued eruptions and a heightened awareness of the Middle East conflicts. The Israeli forces were battling the Hezbollahs in Lebanon and in a tense standoff with the radical Hamas over soldiers.
Beirut was being bombed and the entire region threatened to erupt into a full scale campaign.
This visitor’s instincts were on full alert. The little country of Jordan seemed destined to be unwillingly caught right in the middle of the conflict.

As our plans were developed, we felt it was time these misconceptions were dispelled. To report to the world that in fact, Jordan was a very safe destination for foreign travelers. Even though conflicts were in fact raging in other regions of the Middle East, in defiance, our group accepted the invitation to see for ourselves the many great Jordanian destinations open to the world. One case in fact was the Hashemite Kingdom as this group accepted the opportunity to get a new perspective of this country. Jordan proved to be stable and a safe tourist destination that is quickly becoming the Jewel of the Middle East, with great diversity of attractions to offer the foreign visitors.

Being almost totally landlocked, Jordan is truly a small country of little over 96,000 square kilometers. To the west it is bordered by Israel and the Palestinian Territories to the west. Syria is to the north, Iraq and Saudi Arabia are to the east. The northern tip of the Red Sea at the port of Aqaba is the only saltwater access. The border follows the northern banks of the Wadi Araba to the shores of the Dead Sea. The Jordan River winds its way to the Sea of Galilee, along the often tense border of Israel.

Jordan’s diverse population of approximately six million includes an estimated one million citizens of Palestinian origin. The 2003 conflict in Iraqi, brought waves of immigrants into Jordan. Amman is the capitol and home to almost a third of the inhabitants with a population of almost two million. Though Jordan is predominantly Muslim, about 80 % adhere to Sunni Islam and about 15 % professing the Shi’ite branch of faith. The Christian minority of about 5 % enjoys complete freedom to follow their religion and are included in the economic, social, and political factions of Jordan.


Al rai

This was printed early in 2007.

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Situated in the heart of the Middle East is Jordan, the meeting point of three continents: Europe, Asia and Africa. Jordan’s image conveys a vibrant fusion of history and modernity. These elements are well interlaced in the capital Amman, where one moment you are wandering back in time at the ancient Citadel Hill and the next driving through the urban and contemporary streets of Amman.

Jordan is often seen as the liberal and accessible face of the Middle East and widely regarded as one of the most promising and emerging markets in the region, due to rising income levels and increased interest from foreign investors . Jordan’s vision of a thriving market includes a future that caters to the needs of the people and promotes business and investment opportunities in the region. Thus the demand for international brands is growing as the numbers of visitors increase.

Amman
Situated between the desert and the lush Jordan Valley, Jordan’s capital Amman is a vibrant city with a history dating back almost 9000 years. Benefiting from an Eastern Mediterranean climate, Amman has long been an attractive place to live in. Amman is one of the fastest growing cities in the Middle East and home to almost one third of the Jordanian population.

Business and residential areas in West Amman are located in relation to a number of roundabouts and crossroads along Zahran Street, the main road from downtown to the Queen Alia International Airport. These are referred to as "circles" and are numbered one to eight. In addition there are popular residential neighborhoods of Abdoun, Swafiyeh, Dair Ghbar, Al Rabia and Um Othaina.

As the city has grown, the commercial center of Amman has shifted to the west. The main business district is now close to the third and fourth Circles and is expanding towards Shmeisani. Amman forms the focus of the Jordanian economy, being the center of government activity, commerce, services and manufacturing. The service sector dominates the economy real estate and business related services with transport and communications forming the greater part of Jordanian commercial activity.

Amman is being transformed into an international center attracting substantial inward investment. Amman’s thriving business community has created a city of opportunity as continued privatization and forecast economic growth stimulates and accelerates the pace of domestic and international investments.

History of Amman

Throughout history, Amman has been inhabited by several civilizations. The first civilization on record is during the Neolithic period, around 6500 BC, where archaeological discoveries in Ain Ghazal, located in eastern Amman, showed evidence of not only a settled life but also the growth of artistic work, which suggests that a well-developed civilization inhabited the city at that time.
In the 13th century BC Amman was called Rabbath Ammon or Rabat Amon by the Ammonites. It was later conquered by the Assyrians, followed by the Persians, and then the Greeks. Ptolemy II Philadelphus, the Hellenic ruler of Egypt, renamed it Philadelphia. The city became part of the Nabataean kingdom until AD 106 when Philadelphia came under Roman control and joined the Decapolis - a league of ten cities.
In 324 AD, Christianity became the religion of the empire and Philadelphia became the seat of bishopric during the beginning of the Byzantine era. One of the churches of this period can be seen on the city's Citadel. Philadelphia was renamed to Amman during the Ghassanian era, and flourished under the Ummayads and the Abbasids. It was then destroyed by several earthquakes and natural disasters and remained a small village and a pile of ruins until the Circassians settlement in 1887.
In 1921, Abdullah I chose Amman as seat of his new government, the Emirate of Transjordan, and later as the capital of the Hashemite Kingdom of Jordan. Amman remained a small city until 1948, when the population expanded considerably due to an influx of Palestinian refugees. Amman has experienced exceptionally rapid development since 1952 under the leadership of His Majesties King Hussein and King Abdullah.
Residential areas have spread out from the centre of the city to the surrounding hills. For example, several communities thrive in Jerash.

Amman

Today

Amman was originally built on seven hills, but it now spans over an area of 19 hills. The main areas of Amman gain their names from the hills on whose slopes they lie. 21st century Amman is one of the most comfortable and relaxed cities in the Middle East, a place where Muslims, Christians and the small number of people from other faiths live together without conflict.

The city's population continues to expand at a dizzying pace (fueled by refugees escaping the wartime events in Palestine and Iraq). During the last 10 years the amount of new building within the city has increased dramatically with new districts of the city being founded at a very rapid pace (particularly so in West Amman), straining the very scarce water supplies of Jordan as a whole.

The older downtown area centered around the old Souk (a colorful traditional market) and the King Hussein Mosque is now completely dwarfed by the sprawling urban areas that surround it but despite the changes much remains of its old character. For those seeking the atmosphere of the Old City, it is best to venture to the district east of Jabal Amman. There, in the bustle of daily life, you can explore the capital's greatest souqs, fine museums, ancient constructions, monuments, and cultural sites.

The Citadel hill of Amman, known as Jabal el Qala, has been inhabited for centuries, important as a military and religious site. It dates back to Roman and Byzantine times, and later work was carried out in the early Islamic era. Remains unearthed at the northern and eastern ends of the Citadel, possibly date back to the Bronze Age. The Citadel also is home to the Temple of Hercules which is said to have been constructed under the Roman empirical ruler Marcus Aurelius who reigned from AD 161-180, is similar to the Temple of Artemis in Jerash.

Philadelphia was a favorite place for Roman soldiers and officials as—like Rome—the city was built on seven hills. Right behind the Roman forum stands a Roman theatre, the largest theatre in Jordan, with room for 6,000 spectators. Thought to have been built between AD 138 and AD 161 by the Roman Emperor Antoninus Pius, it is built into the side of the mountain and is still used for sport displays and cultural events.

Amman is also home to some of the grandest mosques in the Middle East. The newest of these is the enormous King Abdullah I Mosque, built between 1982 and 1989. It is capped by a magnificent blue mosaic dome beneath which 3,000 Muslims may offer prayer. The most unusual mosque in Amman is the Abu Darweesh Mosque atop Jabal Ashrafieh (the highest point in the city). It is covered with an extraordinary black and white chequered pattern and is unique to Jordan. In contrast, the interior is totally free of the black and white scheme. Instead, there are light colored walls and Persian carpets. This religious building was erected by one of Amman's Circassian immigrants.


Real Estate in Amman Jordan has become the prime investment pool for the majority of investors and real estate entrepreneurs. Real estate in Amman Jordan has historically been a lucrative market, and in the past few years. Real estate in Amman Jordan has taken a prime location amongst all the real estate investments in the Middle East. Real estate investors in Amman Jordan feel secure in their investment due to the calm and wise political strategy and atmosphere which has led to a firm and stable growth in the real estate marketplace, which is expected to evolve further and flourish in the upcoming 3 years. Real estate in Amman Jordan is a lucrative business to the wise and intelligent investor whom has made a lot of profit and use in the real estate market in Amman Jordan.

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