Muscat: The total traded value of properties in the Sultanate of Oman reached RO 1,933,200,000 by the end of August 2024, marking a 5.4% increase from the previous year, according to official figures released by the National Centre for Statistics and Information (NCSI).
According to Oman News Agency, the increase in property transactions reflects a robust growth in the real estate sector. The data shows a significant rise from the RO 1,834,800 recorded over the same period in 2023. This growth is part of an upward trend observed in both the residential and commercial property markets in the region.
The report also noted that the fees collected for legal transactions related to real estate amounted to RO 43.7 million by the end of August 2024, a slight increase of 0.2% compared to the same period in 2023. This increase in transaction fees corresponds with the overall growth in property dealings.
Further details reveal that the traded value of sales contracts stood at RO 716.1 million until the end of August
2024, with the number of sale contracts increasing by 0.9% to 44,398. On the other hand, the traded value of mortgage contracts saw a more significant rise of 7.9%, reaching RO 1,207.8 million. The number of mortgage contracts also increased, totaling 13,565 with a combined value of RO 9.2 million.
However, the report highlighted a decline in the total number of properties issued by 4.9% to 149,935. Despite this decrease, the number of properties issued for GCC states citizens experienced a growth of 12.3%, totaling 985 properties.
This comprehensive data from NCSI outlines critical trends in Oman’s real estate market, indicating a general upward trajectory in property transactions despite some fluctuations in property issuances.