Schon Properties Enters Jordan Market With New Office
Schon Properties, an award-winning Dubai based property developer, opens a regional sales and marketing office in Amman, Jordan located at Emaar Towers, to expand its investor base from the Levant market. Jordanian investors have contributed significantly into Dubai’s real estate market, attracting Dh113.6 billion of foreign investment in 18 months from January 2016 to June 2017.
iSuites – a massive Dh3.2 billion (US$875 million) home-grown hospitality portfolio – is among the biggest attractions for Jordanian nationals.
Jordanian investors came top among Arab nationals in real estate trading in Dubai in 2016, Dubai Land Department (DLD) figures show.
Sakhr Awaysheh, Vice President Sales, Schon Properties Jordan, commented: “A total of 1,331 Jordanians invested some Dh2.5 billion in the Dubai’s property market, while total Arab investment reached Dh11.7 billion ($3.2 bln) during the year.
“Arab investors from outside the GCC contributed over Dh12 billion to the real estate market last year, from 6,416 investors of 16 nationalities.”, Sakhr added.
The International Monetary Fund (IMF) has predicted that Jordan’s economy will gradually gather pace over the next few years, with GDP expected to reach 3.3% in 2017 and 4% by 2019 – a momentum that could provide a welcome boost for property sales.
Danial Schon, President of Schon Properties, said: “Investor appetite from Jordanians for Dubai properties prompted us to set up a permanent presence in Jordan. iSuites’ prime location, next to the Dubai Expo 2020 site and close to Maktoum International Airport has led to huge interest from Jordanian investors.”
iSuites envisages smart modern living of functional and futuristic facilities. The full-serviced hotel apartments are targeting millennials interested in urban lifestyle hotel stays, small families coming to Dubai on a short-term corporate assignment or a pure family vacation.
“Our study shows that an investor could get an average net income yield of 12 per cent return on investment from our latest offering – iSuites – that will help investors make more money with less pain,” Danial Schon says.
iSuites is a 21 building project (2B+G+8), comprising 2,550 luxurious hotel apartments, 52 restaurants & cafes, and a 125,000 square feet shopping mall called the Laguna Centrale Mall. The project aims to serve the shortage of 4-star hotel rooms close to the Expo 2020 site, Al Maktoum Airport, and Dubai Parks & Resorts. iSuites’ total constructible area is upwards of 2.6 million square feet.