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Oman real estate contracts reach $585m in Feb 2016

A total of 2,181 mortgage contracts worth $390m (OMR150m) were signed across the Sultanate with fees worth $1.5m

942 sale contracts were signed in the Governorate of Muscat.
942 sale contracts were signed in the Governorate of Muscat.

The value of traded contracts in Oman real estate sector stood at $585m (OMR225m) in February 2016 while the collected fees stood at $12.7m (OMR4.9m), according to the Ministry of Housing.

The number of sale contracts during February 2016 stood at 6,047 worth of $192m (OMR74.2m) at the level of the Sultanate's governorates while the collected fees from such sale contracts during February 2016 stood at $9.3m (OMR3.6m).

The Governorate of North Al Batinah recorded the highest rate of real estate sale contracts with 1,297 contracts followed by the Governorate of South Al Batinah with 1,124 contracts.

Meanwhile, 942 sale contracts were signed in the Governorate of Muscat, 689 contracts in the Governorate of A'Dakhiliyah, 438 contracts in the Governorate of North A'Sharqiyaha and 407 contracts in South A'Sharqiyah Governorate.

And, 398 contracts in the Governorate of A'Dhahirah, 348 contracts in the Governorate of Dhofar, 208 contracts in the Governorate of Al Wusta, 170 contracts in the Governorate of Al Buraimi and 26 sale contracts in the Governorate of Musandam.

A total of 2,181 mortgage contracts worth $390m (OMR150m) were signed across the Sultanate with fees worth $1.5m (OMR587,314).

In January 2016, 22,970 title deeds were issued including the title deeds that issued for the GCC nationals, 4409 in the Governorate of North Al Batinah, 4280 the Governorate of Muscat, 3844 in the Governorate of South Al Batinah, 2811 in the Governorate of A'Dakhilyah, 2410 in the Governorate of A'Dhairah, 1630 in the Governorate of North A'Sharqiyah, 1421 in the Governorate of Dhofar, 1163 in the Governorat of South A'Sharqiyah and 137 in the Governorate of Musandam while the title deeds registered for the first time stood at 6,372.

The total title deeds issued for the GCC nationals as per the real estate possession regulations in the Sultanate during last February 2016 amounted to 144 with UAE comprising 54%, followed by Kuwait comprising 36%, the Saudis comprising 4%, the Qataris comprising 3% and the Bahrainis.

Most of the possessions of the GCC nationals were in the North Al Batinah by 49%.

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