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Value of Omani real estate contracts traded reaches $434.73m in January

More than 22,000 title deeds were issued in January, including properties for citizens of Kuwait, the UAE, Bahrain, and the KSA

Value of Omani real estate contracts traded reaches $434.73m in January. [representational image]
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Value of Omani real estate contracts traded reaches $434.73m in January. [representational image]

The value of real estate contracts traded in Oman during the month of January 2020 reached more than $434.73m (OMR167.286m), according to the real estate registry secretary of the nation’s Ministry of Housing, HE Abdullah bin Salem Al-Makhini.

The collected fees rose to more than $17.14m (OMR6.6m), while real estate activities – including sales, gift, inheritance, swap, mortgage, foreclosure, division, among others – rose to 31,975 in the first month of the year.

In terms of sales contract alone, the governorates of the Sultanate recorded more than $156.12m (OMR60.1m) worth of sales, while the fees collected on sales accounted for approximately $6.5m (OMR2.5m)

Oman’s North Al Batinah governorate recorded the highest percentage of sales activities in January, compared to the other governorates, recording 1,024 sales transactions, followed closely by the South Al Batinah governorate with 793 sales transactions, and the Governorate of Muscat with 658 sales transactions.

Al-Makhini also indicated that the total value of mortgage contracts reached more than $269.7m (OMR103.82m), while the fees collected on the mortgage was approximately $2m (OMR766,000)

The highest percentage of mortgage activities was witnessed in the Governorate of Muscat during the month of January, followed by the North Al-Batinah governorate and the South Al-Batinah governorate.

More than 22,000 title deeds were issued during January 2020, including properties issued to citizens of Kuwait, the UAE, Bahrain, and Saudi Arabia.

Approximately 4,739 plots of land were registered for the first time during the first month of the year, with 3,935 plots registered for residential use; 84 plots for commercial residential use; 52 plots for commercial use; 22 plots for industrial use; 643 plots for agricultural use; and 3 plots for government use.

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