Asteco named sales agent for luxury Jordan villa

Asteco Jordan, a franchise of the UAE’s largest real estate firm, has been appointed as exclusive sales agent for the 175-villa Jordanian development Andalucía, near the country’s capital, Amman. Located on the Airport Road, just 20km from Amman, and developed by Jordan Kuwait Bank, Andalucía (named after the Muslim Kingdom of Andalucia in Spain), is the first gated community to be launched in Jordan and consists of a range of villa configurations including spacious three-, four-, five- and six-bedrooms units. Prices start from JD275,000 ($386,763), said the statement from Asteco. A total of 588 villas in the development will have access to a host of amenities including a health club, shopping centres, restaurants, coffee shops, parks, clinics, as well as indoor and outdoor swimming pools, it added. Hussein Safadi, the general manager of Asteco Jordan, said: "Andalucía is one of the premier residential addresses in Amman. Each property is built to the highest specifications with unrivalled build quality, further distinguishing it from other developments in the region." "We fully expect Andalucía to be popular with investors, end-users and tenants," he noted. “In 2016 the market went through a difficult period and transaction levels were subdued, however sales were still taking place. All indications this year point to improvement in the market as the economy continues to grow and strengthen. Developments, such as Andalucía, create further depth resulting in a more bearish real estate market,” stated Safadi. The partnership with Jordan Kuwait Bank will see Asteco Jordan utilise one of the bank’s branches to set up a sales centre while also increasing staff numbers to deal with the increased enquiries. An advertising campaign will also run throughout Dubai as the company targets expat Jordanians, he added. John Stevens, the managing director, Asteco, said: "Our franchise model was launched in 2014 to offer real estate companies, independent realtors and regional entrepreneurs looking to diversify their existing businesses, or launch a start-up, access to Asteco’s 30-year brand pedigree and its successful business model." "The licensing division has allowed us to further propagate the strength of the Asteco brand, image and reputation in new markets through our trusted and capable partners," noted Stevens. “Such has been the success of our 14 franchisees, this year from January to July franchisee profits were up 47 per cent compared to the same period last year to over Dh2 million. The team at Asteco Jordan have done exceptionally well to secure this appointment and already H2 profits look well on target to better last year’s results,”