Changes to Jordan's Real Estate Property Law for 2023 are approved by the Senate

The Senate approved a revised version of the 2023 Real Estate Property Law, which had been transmitted from the Lower House. In a session led by President Faisal Fayez and attended by Cabinet members, senators rejected a motion to send the proposed draft law back to its relevant committee. The objection centred specifically on Article 3, which sought to amend Article 11 of the original law, addressing concerns regarding the transfer of ownership of state-owned lands to external entities.

According to the Jordan News Agency, Petra, the approved bill facilitates the transfer of state-owned land to government investment funds or companies. It also permits the allocation of certain plots as in-kind shares in investment projects. Senators recommended that the government use the Upper House's discussions on amending Article 11 as a guide for formulating future regulations to implement the law. They emphasized measures to prevent investors from using real estate for speculative purposes.

Additionally, the Senate urged the government to explore various forms of foreign ownership that would ultimately result in the return of land ownership to the state after a specified period. They called for comprehensive studies on similar projects in the Kingdom, requesting the government to provide the Senate with pertinent information.