Oman reports more than 60% drop in 2017 real estate deals

The value of real estate transactions in Oman reached $6.8bn by the end of 2017, while fees collected stood at $204.2m

Oman's real estate activity in 2017 fell by 60.6% [representational image].
Oman's real estate activity in 2017 fell by 60.6% [representational image].

The value of real estate transactions in Oman in 2017 was 60.6% lower compared to 2016 figures.

Transactions worth $6.8bn (OMR2.6bn) were recorded by the end of 2017, while fees collected stood at $204.2m (OMR78.6m), reflecting a 20.1% increase from the previous year, Oman News Agency (ONA) reported, citing preliminary data released by the National Centre for Statistics and Information (NCSI).

The number of sales contracts also logged a decline of 12.7%, from 68,145 in 2016 to 59,480. Their value, however, went up by 11%, reaching $2.9bn (OMR1.1bn).

The number of title deeds issued by the end of last year stood at 225,468, reflecting a 2.1% dip from the end of 2016, when 230,403 title deeds were issued.

READ: Oman’s SEZAD implements new real estate regulation

Meanwhile, the number of title deeds issued for GCC citizens in 2017 decreased by 36.7%, at 1,112 compared to 1,912 title deeds in 2016.

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