Value of real estate deals rise 6% to RO2.7bn in 2022

Value of real estate deals rise 6% to RO2.7bn in 2022

Muscat – The value of real estate transactions in the sultanate increased six per cent to RO2.706bn in 2022, compared to RO2.552bn in 2021, according to the latest data released by the National Centre for Statistics and Information (NCSI).

Fees collected for legal transactions amounted to RO62.6mn at the end of December 2022, compared to the corresponding period of 2021, constituting a fall of 25.5 per cent.

The value of sale contracts dropped 4.8 per cent to RO1.131bn in 2022 compared to RO1.188bn in 2021. The number of sales contracts also went down 21 per cent to 68,616 compared to 86,856 in 2021.

The value of mortgage contracts rose 15.9 per cent to RO1.558bn in 2022 compared to RO1.344bn in 2021. The number of mortgage contracts increased 5.6 per cent to 1,989 compared to 1,882 in 2021.

The value of swap contracts dropped 15.6 per cent to RO16.1mn compared to 19mn in 2021. The number of swap contracts also decreased 25.5 per cent to 1,309 compared to 1,758 at the end of December 2021.

The number of title deeds issued in 2022 decreased seven per cent to 233,178.

The number of title deeds issued to citizens of GCC countries increased 6.6 per cent to 884 compared