Improved financing and developers securing finance has allowed Jordans residential property market to record the first quarterly growth since the downturn in the economy in 2008, according to a new report from the property management company, Asteco.

The Q2 2010 report from Asteco found that property sales prices in Jordan have increased between one and 3%, with achieved rents increasing by to 4%. Small and medium-sized properties were particularly popular with tenants seeking more affordable priced rental property.

Hussein Safadi, general manager, Asteco – Jordan, said: “Despite this improvement, overall demand continues to be weak as potential investors are taking a cautious approach. The cost of construction continues to remain high and subsequently the real estate market has yet to see any strong sales price movements.”

Abdoun and Um-Othainah continue to be the most expensive areas for apartments sales, commanding JOD1,000 per square metre, with 4th Circle close behind at JOD900 per square metre – rising by 3% during Q1 2010.

The rental market has also followed suit, with rents rising in many areas over the past three months. Abdoun leads with an average price of JOD6,667 per year – a 3% increase – but the largest increase in Q2 was seen in 4th Circle, where rents jumped by some 4% to an annual average of JOD3,192.