Property developers in Jordan have stated that residential apartment prices have dropped between five and 10 percent recently and may be down by 20-30 percent in 2009. Experts say the reason is the slowdown in demand due to market conditions and a decrease in mortgage lending, as well as the huge drop in prices of construction material, which is making properties under construction less expensive. Up until September 2008, demand for residential apartments was healthy and increasing year-on-year. The Department of Land and Survey reported more than 18,000 apartments were purchased in Jordan between January and September 2008, compared to 14,498 the year before, with more than 13,500 sold in the capital, Amman. Prices of property in Jordan have skyrocketed since the US-led war in Iraq began in 2003, forcing 750,000 Iraqi refugees to escape to neighboring Jordan. Additionally, higher oil prices also led to higher prices in the real
