Aqaba: The Board of Commissioners of the Aqaba Special Economic Zone Authority (ASEZA) has announced a comprehensive incentive package targeting investors, real estate developers, and citizens. This initiative is part of a strategic effort to stimulate construction, enhance the investment environment, and support economic and real estate projects in Aqaba. The package aims to foster sustainable economic, tourism, commercial, social, and urban development, while also facilitating job creation in the region.
According to Jordan News Agency, ASEZA has introduced new formulas for calculating reorganization fees related to changes in land use, height limits, and acquired floor areas. These measures are designed to encourage building activities by reviewing reorganization fees affected by changes in administrative land prices and implementing flexible weighting factors that distinguish between existing buildings and proposed projects.
The approved formulas include a Change of Use Fee, calculated as the difference between the administrative land price for the approved use and the administrative price after the requested change of use multiplied by the land area and 25%. This represents a significant reduction incentive of 75%. Similarly, Acquired Height and Area Fees are calculated using specific formulas, offering reduction incentives of up to 75% for proposed projects.
ASEZA has also introduced incentives linked to the speed of project completion, offering substantial discounts on reorganization fees based on how quickly projects are completed. For instance, a project completed within 12 months from the building permit date to the occupancy permit can receive a 90% discount on fees.
In an effort to improve economic feasibility, ASEZA has reduced parking space fees for both residential and non-residential uses. The revised rates aim to make investments more attractive by lowering costs for citizens and investors in various development areas and zones across Aqaba.
The Board has also addressed land plots without public road access, stipulating that no parking fees will be collected for certain residential and non-residential uses, depending on the number of apartments or the legally approved floor area. Detailed schedules for these adjustments are available at ASEZA’s building licensing department.