Oman’s real estate deals fall 19.5% in May 2020 – Times of Oman

  • Date: 28-Jun-2020
  • Source: Times of Oman
  • Sector:Real Estate
  • Country:Oman
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Oman’s real estate deals fall 19.5% in May 2020 – Times of Oman

Muscat: The total value of property transactions in the Sultanate till the end of May 2020 fell 19.5 per cent to reach OMR878.9 million from OMR1.091 billion for the same period of 2019, as indicated by the preliminary statistics issued by National Centre for Statistics and Information (NCSI).

The number of plots issued until the end of May 2020 was 58,362, which is a decline of 38 per cent from the end of May 2019, when 94,171 plots were issued.

Of the total traded value until the end of May 2020, OMR283.7 million worth transactions were sales contracts, while OMR586 million transactions were mortgage deals.

As many as 15,949 sales contracts were executed in the end of May 2020 against 25,322 contracts during the same period of 2019. However, the total number of mortgage contracts fell by 39.7 per cent to reach 4,146 contracts against 6,875 contracts in 2019.

The Sultanate's government collected OMR22.5 million as real estate transaction fees until the end of May 2020, which is a drop of 40.8 per cent compared to the same period of 2019.

NCSI data reveal a significant fall in traded value of exchange (barter) contracts by 8.4 per cent in the end of May 2020 period