Jordan is poised to emerge as one of the region’s leaders in ‘Green Building’ design and construction, with the Jordanian Ministry of Public Works and Housing strengthening its initiatives to implement compliance to environment-friendly building codes among all developers in the country. The announcement is in line with the recent passing of two building policies, which will mandate developers to adopt environmentally-sound construction processes and encourage the use of renewable energy sources. In support of the nationwide movement towards environmental conservation, Eqarat.com, a leading total solutions provider to the real estate sector, has expressed its aims to exert further efforts to promote ‘green’ projects in the Kingdom to regional and global investors.
A significant shift in the developers’ and customers’ views towards ‘green building’ design has been driven by massive media campaigns on environmental protection spearheaded by both governments and private organisations across the region. In line with this, Eqarat.com aims to further educate the market and elevate environmental consciousness by promoting ‘Green buildings’ and highlighting the benefits of energy management and energy efficient technologies. This also includes huge cost savings, increased worker productivity, conscientious use of local resources and sustainable development in all aspects.
“Our expansion into the Jordan market has been driven by the booming prospects within the country, with projections that the total value of land transactions is expected to reach USD 7 billion by the end of this year,” said Ali Al Rahma, CEO, Eqarat.com. “Amidst the burgeoning demand for high quality built space, we have charted a plan to promote ‘Green buildings’, which are currently being built across the country at an aggressive pace. We believe that pushing the envelope of ‘green building’, whose benefits outweigh slightly higher average initial costs, is a trend that opens up a significant opportunity for developers to offer high-performance structures to their clients.”
During the first four months of 2008, the total value of transactions within the real estate sector in Jordan has reached USD 2.76 billion, representing a six per cent increase compared to the same period last year. In addition to the outstanding revenues, the booming real estate sector has also witnessed various initiatives to support environmental compliance, with local developers aggressively fulfilling Leadership in Energy and Environmental Design (LEED) certification requirements. In addition, the 140,500 units to be built by 2009 under the ‘Royal Housing’ - an initiative launched by His Majesty King Abdullah in February, will also be constructed according to the ‘green building’ code. Amidst these ongoing developments, Eqarat.com is aiming to further promote awareness of environmentally-sound building and construction practices.
“The most significant indication of Jordan’s ‘green’ development is the adoption of ‘green solutions’ by the Al-Mushatta Industrial City, a major industrial hub that aims to become the Middle East’s first ‘Green Industrial City’. As we witness strong efforts to implement environmentally-conscious building practices across Jordan and the entire region, it has become imperative for players in the real estate services industry to contribute by encouraging investors and end-users to invest in ‘green developments’. Our main focus now is to become more accustomed to the processes involved in green building to effectively convey the message to potential customers,” concluded Al Rahma.
Eqarat.com initially forayed into Jordan in early 2007 and established operations in the second half of the year by leveraging its wide network of professional sales agents who specialise in providing comprehensive property sales services. Its deep understanding of the Jordanian market as an emerging powerhouse in the Middle East real estate sector has led to the formation of an important alliance with Jordan-based developer Taameer Jordan Holdings (TJH). Under the terms of the agreement, the company is exclusively managing the sales and marketing of the USD 260 million ‘Andalucia’ project - the latest addition to the developer’s JD 4 billion-investment portfolio, which also includes high profile projects such as The Red Sea Resort, Ayla Park, Gardens Villas and Ahl Al Azm residential city.