Between 1878 and 1914, several thousand Muslim refugees from the Russian Empire’s North Caucasus region settled in Ottoman Transjordan. This paper explores the economic integration of the Circassian community in 1890-1914, with a particular emphasis on the development of the real estate market in the refugee settlement of Amman, which would later become the capital city of Jordan. This study argues that it was the convergence of refugee labor, Syrian and Palestinian capital, Ottoman infrastructure, and access to the Bedouin economy that led the transformation of the village of Amman into an important economic outpost on the nomadic frontier. This paper is based on Ottoman-language land registers and Arabic-language court records, new type of primary evidence in the study of Ottoman refugees. Through the study of archival documents, I trace the networks of capital in refugee colonies. Circassian villages, soon after their establishment, engaged in trade with nomadic communities, most notably in grain sale. In due time, Amman was integrated into commercial networks centered in Salt, Nablus, and Damascus. Syrian and Palestinian merchants bought land and houses from Caucasus refugees and established grain estates in the vicinity of refugee colonies. Many refugees benefited from the construction of the Hejaz Railway, which significantly improved opportunities for grain export and brought in additional Levantine capital to Transjordan. Through a focused regional case study, this paper invites a reevaluation of the role of refugees in “Ottoman capitalism.” It highlights refugees’ agency and focuses on small-scale networks of capital that operated in the interior and were borne out of the expansion of an international demand for grain and the transformation of land ownership and tenure in the wake of the 1858 Ottoman Land Code. This study moves away from a traditional viewpoint on refugees and the state, common in the fields of Ottoman history and refugee studies, to focus instead on refugees and the market. It views refugees as drivers of Ottoman capitalism and contends that Caucasus refugees accelerated the evolution of a new property regime and integration of Transjordan into the Levantine networks of capital.