Oman: 124% growth for real estate in 10 months

The value of real estate transactions in the country for the entire period of 2015 stood at $10.5bn (OMR4.1bn)

This image is for representational purposes only.
This image is for representational purposes only.

Oman’s real estate market registered a massive 124.3% growth during the first 10 months of 2016 to $19.7bn (OMR7.6bn).

This was recorded against last year’s property trade for the same period, which was valued at $8.83bn (OMR3.4bn), Oman News Agency reported citing the National Centre for Statistics and Information (NCSI).

Fees collected from legal transactions in the real estate sector rose 34.1% to $140.7m (OMR54.2m) while traded value of sales contracts dipped by 16.2% to $2.22bn (OMR857.3m), along with a 9.8% fall in the number of sales contracts, which declined to 59,997 from 66,540 in the prior year.

In contrast, the number of mortgage contracts increased 4.8% to 19,532 with a substantial 186% growth in the value of mortgage contracts at $17.6bn (OMR6.8bn).

Barter contracts however suffered with a 42% drop in the number of contracts at 658, and an accompanying 45.2% fall in the value of barter contracts, which slipped to $25.2m (OMR9.7m) from last year’s $45.7m (OMR17.6m).

Issued properties too took a hit during the January-October period, with the number of issued properties dwindling by 1.5% to 196,651.

Properties issued to GCC citizens logged a major 24.5% drop to 1,480 contracts during the period, as against 1,959 properties issued to them over the same period of last year.

During October alone, properties worth $643.3m (OMR247.7m) were traded.

As many as 17,530 properties were issued in the month, of which 178 properties went to GCC citizens.

The value of real estate transactions in the country for the entire period of 2015 stood at $10.5bn (OMR4.1bn), according to NCSI data.

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