Wasfi Samaan
Articles by this Author
Keys to investing in Jordan
- By Wasfi Samaan
- Published 06/5/2007
- Investing in Jordan
- Rating: Unrated
I first started out with an apartment in an 8-plex unit. The majority of the citizens in Jordan live in similar units where each person will own their own unit. You have a security guard who cleans and keeps up with the maintenance that is usually paid 25 jd a month which is equivalent to about $35. Individual units in these 8-plex units vary in price depending on location. They can be the exact same unit and you can pay 4 times the price if it is in the right location. Of course over the last 3 years prices have doubled due to the demand from the 1 million Iraq’s that fled their country. Individual units are usually what rent the fastest because of the reasonable rental rates.
The rental market is very strong in Amman, Jordan especially in the higher end areas of Abdoun and Deir Ghbar. For example a three bedroom apartment unfurnished will get you around 12,000 jd a year equivalent to $18,400. If furnished then you are looking around 17,000 jd a year equivalent to $24,000. Now you are probably wondering why I am quoting these prices by the year. This is the nice thing about renting to the higher end clientele which usually are from another country; it is customary to pay rent by the year. Isn’t that great! Where else can you do that? I recommend renting to embassy’s and to company’s who are paying for there employees rent. If this is your market, do not buy property located on a busy street. This is unattractive to companies and embassy’s.
The laws and court system are becoming more westernized and is becoming easier to evict someone for not paying their rent. But if you deal with the higher clientele, you shouldn’t encounter any problems. Now I am sure you have allot of questions on your mind like; can you buy property in Jordan if you are not a Jordanian? How do I get started? Can I get a loan? Who can manage the property if I am not there? Is it safe to buy in Jordan with all the problems in the region? And these are all valid questions. It will be hard to go over everything but I will try to cover as much as possible but there also other investment options that I will talk about later in the article.
First of all anyone can buy property in Jordan as long as they have a valid passport. It is usually good to get familiar with local real estate agent who can guide you with the whole process. The real estate company will usually have a management division if you deal with a reputable company. Anyone that can verify their income abroad can get a loan that will give them 65% loan value. This is another reason that is fueling the economy is the banks are becoming more lenient in their lending.
One of the biggest reasons that people don’t buy in Jordan is the instability of the region but this is actually what’s fueling the growth. The Jordanian government has a great relationship with the United States and they have an interest that Jordan stays safe.
It is good to have property in Jordan that generates you income but the future of the money to be made is in residential luxury towers and condos in the resort town of aqaba. This is what Dubai experienced and where millionaires were made. One of the first towers that started selling in July 2006 where the Heights by Damac properties in the Abdali project. This towering 35 floor luxury tower is one of the hottest properties in Amman experiencing 35% appreciation in the first 3 months. Two adjacent 8 floor towers are also being built by Damac. These towers feature studio, one-bedroom, two-bedroom, and three-bedroom apartments. The building will also have its own gym, swimming pool, restaurants, entertainment and shopping. It is the first of its kind in Amman.
What makes this so unique that it is located in the heart of Amman and is part of the new downtown Amman in the Abdali. The area is 70% commercial and will be located few hundred yards from the new Jordan American University that will have over 4000 thousands students. This is where the demand for the one bedroom and studio apartments will come in.
Weather you buy to rent or buy to hold and sell you need someone who can guide you in the process.
Property Tranfer Taxes
- By Wasfi Samaan
- Published 06/29/2007
- Taxes
- Rating: Unrated
How to get a Real Estate Loan in Jordan?
- By Wasfi Samaan
- Published 06/29/2007
- Banking and Loans
- Rating: Unrated
Many expatriates (those who are from Jordan who live in another country) think that dealing with banks in
For example, to get a loan for
a 50,000 JD house, you only need an income of 500 JD a month. You have to have proof that you are earning that amount. If you live in the
The first thing that you should do is you will need to open an account at the bank you are applying at. If you know that you are going to get loan sometime in the future, I would do this sooner than later as it will give you a history with the bank. Once you have done this you will apply for a loan, this is usually just a one page document that has your personal information, income, the kind of loan you are applying for and what you are purchasing. This is preliminary that prequalifys you based on what you told them. This usually takes 3-5 days. Once you are pre-qualified then they will ask you for your bank statement activity, proof of income, and contract from the person you are buying from, if it is a new building they will ask for more documents that you will get from the builder. Usually you can get the list from the bank and give it to the builder and he can get these documents together for you. If you are going to be getting a loan on the big development projects, it will vary especially if you use the developer’s bank they signed a contract with. This makes things easier. They take care of the process; they also give multiple options on how you can finance a project that won't be finished for 2-3 years.
Most banks offer different down payment options and amortization options meaning how many years you want to finance your loan. If you live and work abroad, the most the bank will give you is 65%-70% of the loan, but if you work and live in
You will also pay a fee to the bank of 1% of the loan. Some banks will charge this every year but there are a few banks that won’t. The payment will be deducted from your account monthly. If you live abroad it is good to setup up internet banking and be able to transfer money online so it will make things easier
About Jordan
- By Wasfi Samaan
- Published 07/11/2007
- About Jordan
- Rating: Unrated
Jordan
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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.
Book your Airline Tickets to Jordan Here
- By Wasfi Samaan
- Published 08/11/2007
- Jordan Travel
- Rating: Unrated
Additional Investment Websites
- By Wasfi Samaan
- Published 12/12/2007
- Investing in Jordan
- Rating: Unrated
Al rai
- By Wasfi Samaan
- Published 02/15/2008
- Wasfi in the News
- Rating: Unrated
This was printed early in 2007.
Jordan’s real estate market is showing no signs of slowing down
- By Wasfi Samaan
- Published 05/4/2008
- Investing in Jordan
- Rating: Unrated
Blogs by this Author
Endless Opportunites
- By Wasfi Samaan
- Published 06/29/2007