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    31-Dec-2019

Gov’t extends real estate exemptions to end of 2020

 

The Jordan Times

 

AMMAN — The Cabinet on Monday decided to extend exemption measures, and lower the registration and purchase fees of apartments and lands until the end of 2020.
 
Prime Minister Omar Razzaz said that the move falls within the government's revision of the decisions made within the executive packages to improve the national economy, pointing out that the extension was driven by requests from citizens and investors. 
 
The extension decision aims at maximising the benefits of the measures included in the executive packages and enabling citizens to own “proper” residences.
 
Finance Minister Mohamad Al-Ississ stressed that the extension decision also aims at stimulating the real estate sector, highlighting the government's keenness to maintain booming real estate activity, the Jordan News Agency, Petra, reported. 
 
Under the exemption decision, the first 150 square metres of apartments and lands are exempted from registration and ownership transfer fees until the end of the year, regardless of the seller, the total area of the apartment or the number of apartments owned by each citizen.
 
The remaining area of the apartment will be subject to lower fees and taxes, which total 50 per cent of the rates stipulated in the law.
 
The decision also lowered land sale fees by 50 per cent of the rate specified in the law, including transactions among relatives, partners and others.
 
The tax on real estate sales has also been lowered to 50 per cent of the rate stipulated in the law.
 
Al-Ississ pointed out that the exemptions also include the fees related to ownership transfer, disassociation of heirs and land subdivision.
 
 

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