Real estate trading in Oman tops OMR394mn

Real estate trading in Oman tops OMR394mn

Muscat: The total value of real estate trading in the Sultanate of Oman witnessed a decrease of 11.7 percent, reaching OMR394.90 million by the end of February 2024 compared to OMR447.30 million during the same period in 2023.

Preliminary statistics issued by the National Centre for Statistics and Information (NCSI) indicated that the fees collected for all legal transactions amounted to OMR11.6 million at the end of February 2024, a decrease of 7.2 percent at the end of February 2023. The traded value of sales contracts amounted to OMR196.2 million in 11,543 sales with a decline in the trading value.

The traded value of mortgage contracts decreased by 17.5 percent to OMR196.50 million from 2,989 contracts, while the number of swap contracts reached 299 contracts, worth OMR2.2 million.

Regarding property issuance, the data reveals that the number of properties issued by the end of February 2024 rose by 0.8 percent to 39,378 properties, while the number of properties issued to citizens of the Gulf Cooperation Council (GCC) countries reached 212 properties, an increase of one percent.