Oman real estate transactions rise 31% in Jan 2016by Paromita Dey on Mar 1, 2016
Oman's real estate transactions registered a rise of 31% in January 2016, reaching $911m (OMR350.8m) as against $697m (OMR268.4m) recorded in the same period last year.
According to the latest report issued by the National Centre for Statistics and Information (NCSI), fees collected by way of legal proceedings in the real estate sector increased by 29.7% to $12.4m (OMR4.8m) from $9.6m (OMR3.7m) during the period.
Traded value of sales contracts posted a growth of 24.7%, taking the value to $309m (OMR119.2m), while the number of sales contracts saw a 32.5% increase with 8,308 agreements compared with 6,270 contracts in January 2015.
Meanwhile, traded value of mortgage contracts went up by 32.9% to $592m (OMR228.3m) from last year’s $446m (OMR171.8m), with a 45.4% increase in the number of mortgage contracts, which rose to 2,195 from 1,510 recorded last year.
In all 25,604 properties were issued in January 2016, marking a rise of 37.8% over last year’s 18,586.
However, a decline of 13.8% was recorded in the number of properties issued to GCC nationals, which fell from 260 January last year to 224 this January, the NCSI report indicates.