Asteco appointed exclusive sales agent for luxury villa development in Jordan

Jordanian Development Andalucia
Jordanian Development Andalucia

Asteco’s Jordan franchise selected to sell 175 villas in exclusive gated community, Andalucía, developed by Jordan Kuwait Bank; Asteco to reinvigorate stalled sales as exclusive agent for the mixed-use development

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 3, 4, 5 and 6-bedrooms units. Prices start from JOD 275,000.

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.

Hussein Safadi, 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.

“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.”

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.

John Stevens, 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.

“Such has been the success of our 14 franchisees, this year from January to July franchisee profits were up 47% compared to the same period last year to over AED 2 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.”

Asteco’s franchisees will be exhibiting a range of secondary sales and leasing market opportunities at this year’s Cityscape Dubai, taking place at the Dubai World Trade Centre from 11-13 September. The team will be showcasing opportunities in residential areas including Dubai Silicon Oasis, Sheikh Zayed Road, Jumeirah Beach Road, Saadiyat Island in Abu Dhabi and Andalucía in Jordan with various apartment and villa configurations available on a ‘shop window’-style stand.

Asteco is the only locally established, full service real estate business in the region offering a bespoke franchise opportunity. As the largest real estate franchise company in the Middle East, Asteco currently has 14 franchises in Jordan, Dubai and Saudi Arabia. Combined, the franchisees employ over 140 brokers and 20 administration staff, while the company also has a training academy as part of its value add to the franchises.

Asteco will be exhibiting at Cityscape Global on Stand S2B30.

Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985.  Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.