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Oman real estate transactions down 2% in 9M 2018

The value of real estate transactions for the first nine months of 2018 was $623m

Oman's real estate market remained sluggish in the first nine months of 2018 [representational image].
Oman's real estate market remained sluggish in the first nine months of 2018 [representational image].

The value of property transactions in Oman during the first nine months (9M) of 2018 declined by nearly 2%, new figures from the sultanate’s National Centre for Statistics and Information (NCSI) have revealed.

As reported by Oman News Agency (ONA), the value of transactions in the sultanate in the nine months ending 30 September 2018 reached $623.3m (OMR2.04bn), a slight 1.9% drop on 9M 2017.

Oman’s government collected $621.2m (OMR65.1m) as real estate transaction fees in 9M 2018, an 8.3% hike on same period last year.

READ: Construction begins on Oman’s $7bn A'Duqm Refinery project

The figures revealed as many as 44,444 sales contracts were completed in 9M 2018 – a slight decline compared to the 44,945 signed during the same period last year.

Mortgage contracts fared well, with their total value falling by 15.6% on 9M 2017, while the number of plots allocated to GCC citizens surged by 18.8% to reach 1,114, compared to the 938 plots allocated during the same period last year.

The figures come amid somewhat of a sluggish year for the sultanate’s real estate sector.

In July this year, NCSI figures indicated a flat local property market, despite a rise in stamp duty collection fees and a drop in new mortgage contracts.

READ: Oman’s real estate market records $2bn worth of deals in Q1 2018

However, recent oil price hikes could stimulate the country’s economy, which in turn will generate growth for other investment segments, such as construction.

While infrastructure, energy, and transport will see the bulk of construction activity in Oman, megaprojects such as the 51km2 Khazaen Economic City will see new residential units delivered.

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