Oman: Real estate contracts hit $454m in Dec 2016

Real estate activity involved 25,935 transactions, that included sale, grant, inheritance, exchange, mortgage and mortgage redemption, usufruct and division transactions

Muscat recorded the highest number of sale contracts.
Muscat recorded the highest number of sale contracts.

The value of real estate traded contracts during December 2016 stood at $454m (OMR175m) while the collected fees amounted to $13m (OMR5m), said Abdullah bin Salim al-Mukhaini, secretary of the real estate registry at Oman's Ministry of Housing.

He added that the real estate activity involved 25,935 transactions, that included sale, grant, inheritance, exchange, mortgage and mortgage redemption, usufruct and division transactions.

Al-Mukhaini further said that the total value of sale contracts stood at $192m (OMR74m) through 3,774 sale transactions at the level of the Sultanate's governorates, while the fees collected hit $5m (OMR2m).

He pointed out that the Governorate of Muscat recorded the highest number of sale contracts compared to other governorates during December 2016, totalling 773 sale contracts, followed by North Al Batinah with 868, South Al Batinah with 661, and A'Dakhiliyah with 370.

Al-Mukhaini added that 17,462 title deeds were issued during December 2016, including those issued for the GCC citizens.

The total value of mortgage contracts stood at $257m (OMR99m) through concluding 1,374 contracts at the level of governorates in the Sultanate. Fees collected from mortgage contracts hit $1.2m (OMR489,749).

The total value of exchange contracts hit $327m (OMR126m) while the fees collected from such contract transactions stood at $58,511 (OMR22,527) through 85 relevant contracts.

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