Oman real estate trading sees 19.5% drop in value

Oman real estate trading sees 19.5% drop in value

According to statistics released by the National Centre for Statistics and Information, Oman's real estate market witnessed a decline in trading value by the end of March 2024.

The post Oman real estate trading sees 19.5% drop in value appeared first on The Arabian Stories News.Muscat: This downturn amounted to a 19.5% decrease compared to the same period in 2023.

The latest data reveals that the total value of real estate trading in Oman stood at RO 587 million and 500 thousand as of March 2024, down from RO 730 million and 100 thousand recorded during the corresponding period in 2023.

Among the key figures, fees collected for legal transactions totalled RO 16.5 million, marking a 10.3% decrease from March 2023. Meanwhile, the value of sales contracts saw a slight increase of 3.3%, amounting to RO 284 million and 900 thousand, although the number of contracts decreased by 1.8%.

Significantly, the traded value of mortgage contracts experienced a notable decline of 30.8%, reaching RO 299 million and 800 thousand for 4,858 contracts. Additionally, swap contracts numbered 383, with a total value of RO 2.8 million.

Property issuance figures showed a 6.9% decrease, with 57,167 properties issued by the end of March 2024. Interestingly, properties issued to citizens of Gulf