Does real estate tech in Jordan have a chance to flourish? Probably yes. This is because Science and Technology is the fastest growing economic sector in Jordan, and real estate fuelled by stable tourism is touted to grow. Let’s find out more about how real estate tech in Jordan is getting stronger day by day.
Beautiful desert landscapes and many World Heritage sites welcome you to the warm city of Jordan which has come to be known as a safe haven in this region of conflict. Located strategically at the cross-roads of Asia, Africa and Europe, Jordan has been populated by individuals since Paleolithic period and hence is home to many historic sights. The capital city of Jordan is Amman, which is not only its most populous city but also the economic, cultural and political centre of here. Jordan is home to more than 9.5 million people.
It is no news that Jordan is considered to be the safest of the Arab countries in the Middle East and has been successful in avoided long term terrorism and instability threats. This country is also popularly known to be the one to accept refugees from around the region with open arms. As Jordan continues to accept refugees, the large influx of over 1.4 million Syrian refugees has put a strain on the natural resources as well as infrastructure.
Other than being a major tourist destination, also because of Petra Jordan, this country is also popular for health tourism. The upper middle income economy of here has been consistently attracting foreign investment due to its skilled labourforce. But currently, the economic growth is being hampered owing to the refugee entrants, regional turmoil as well as lack of natural resources.
Science and Technology in Jordan and its impact on real estate tech in Jordan
As of 2014, more than 400 companies are active in telecom, information technology and video game development in Jordan. Not only this, there are 600 companies operating in active technologies and 300 start-up companies. This number has only risen from then. The growth of this sector is not just occurring in Information Communications and Technology (ICT) sector but also multiple industries, like solar and wind energy and nuclear technology.
But how serious and engrossed is Jordan in Science and Technology and towards creating an environment for innovation? We can find that out from the 7 broad objectives of its Science, Technology and Innovation Policy and Strategy (2013–2017). These objectives include generalization of a science culture in the education systems, building knowledge networks in science, research and tech as well as adoption of tech as a key stimulus for investment opportunities. Not just this, the strategy (initiative) also includes harnessing research to development, translating results of research to commercial ventures, and contribution to excellence in training and skill acquisition. Not to forget that the most important of these objectives is “incite the government and the scientific community to adopt the requisite research priorities to develop a knowledge economy”.
This opens many doors for innovation in real estate tech in Jordan as well as development for PropTech here. The private sector as well as the startup ecosystem also dictate the growth of real estate tech in Jordan, let’s find out how.
Startup ecosystem in Jordan and its impact on real estate tech in Jordan
A lot of discussion has been on about the rising startup sector of Jordan and how entrepreneurs here are innovating for global problems and solutions. But why is the market growing? There are multiple reasons supporting this growth. One of them is that mobile data consumption is on the rise in Jordan, where smartphone penetration stands at around 65% and adoption of these devices grows by 7-10% annually. Around 98% of smartphone owners use WhatsApp, and the internet sector remains the strongest performing sector in the telecoms market.
One might think that the other skyscraper rich countries would be a hub for startup development, but Jordan is slowly taking away the cake. This low key country is home to a large number of creative, talented and hustling entrepreneurs. The developers of here are at the forefront of many leading tech startups to come out of here and Jordan is the prefered option for many tech startups due to its rich skilled workforce. Jordan is sometimes referred to as the Silicon Valley of the Middle East, with its star product being startup Maktob which was in the news for being acquired by Yahoo for more than USD 80 million in 2009, putting Jordanian startups on the world map.
The reason for this advancement is also the support from the Jordanian monarch, with the development of Queen Rania Center for Entrepreneurship (QRCE). This centre plays an important role in fostering entrepreneurship in the country and supporting startups. Such centres and support from leading organizations like Oasis 500 here, also mean good news for real estate tech in Jordan. Such a culture of innovation and entrepreneurship enables people to find solutions for problems in the PropTech sector.
Real Estate tech in Jordan or PropTech development
Such an environment of technology, innovation and entrepreneurship but Jordan still lacks behind in terms of real estate tech in Jordan. There isn’t much technology in use in the PropTech sector and real estate selling and buying. Classified sites and online ad platforms still rule the market in terms of real estate tech, and traditional methods are in play for buying/selling. Technologies like 3D printing, cloud computing, Blockchain, IoT have still not been utilized fully for real estate.
Real estate trading as well as property sales are on a rise and the government is taking more initiative to keep this market stable. This market is on the verge of a boom, and a disruption in terms of how the transaction is done is imperative. Real estate tech in Jordan can be changed by creating policies focussing here as well as utilizing innovative tech.
The most interesting technology being used in terms of real estate tech is the creation of Crystal Lagoons here in Jordan to boost tourism. Crystal Lagoons is an international innovation company, founded by scientist Fernando Fischmann, which has developed a patent-protected technology that allows the construction and maintenance of unlimited-size crystal clear lagoons at very low costs. This is an interesting development for real estate tech in Jordan.
Way forward for real estate tech in Jordan
Real Estate Tech in Jordan or PropTech here is currently limited to classified sites due to a strong traditional method. But as the Jordan economy improves, and real estate needs change, one can expect PropTech to flourish here. New technologies like 3D printing, robotics and Internet of Things (IoT) can be game-changers of the future, as promoted by startups and tech sector of here, to revolutnize real estate tech in Jordan.
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Want to know what makes a winning PropTech startup, check out these top 50 Real Estate Tech startups to watch out for in 2018
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