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Oman: Real estate sector jumps 244.3% in April

The traded value of sales contracts in Oman real estate declined by 3.5% to $981m in April 2016

There has been a 3% increase in the number of issued properties in April in Oman.
There has been a 3% increase in the number of issued properties in April in Oman.

The Sultanate’s real estate sector registered a significant growth by the end of April 2016, with a total traded value surging to $14.5m (OMR5.6m), and posting a 244.3% increase over same period last year.

According to statistics issued by the National Centre for Statistics and Information (NCSI), the fees collected from legal actions related to real estate dealings touched $65m (OMR25.1m) by the end of April, as against $41.5m (OMR16.1m) in 2015.

The traded value of sales contracts declined by 3.5% to $981m (OMR378m). However, the number of sales contracts declined by 5.8% to 26,883.

Significantly, the traded value of mortgage contracts witnessed a huge 324.1% rise to $13.5bn (OMR5.2bn).

Barter contracts also saw a fall at 40.9%, recording figures of $719m (OMR277m).

Though there has been a 3% increase in the number of issued properties which stood at 87,489, a decline of 30% has been reported in the number of properties issued to GCC citizens.

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