JHDA seeking restrictions on foreign developers’ investments in Jordan

February 18, 2014 10:49 am

The Jordan Housing Developers Association (JHDA) has called on the government to restrict investments in the property market to Jordanian companies only, or to allow foreigners and Arabs to enter into partnerships with Jordanian investors who should own at least 51% equity in such joint firms, Jordan Times has reported. “This would be a fair decision to protect homebuyers,” said JHDA president, Kamal Awamleh. The association also urged the government to ban foreign and Arab investors from developing residential projects in the country, due to issues related to post-sale maintenance contracts. “For example, several Iraqi investors built housing projects and left to settle in other countries,” Awamleh said.