Oman's Ministry of Housing trades contracts worth $220m in May

The total value of mortgage contracts amounted to more than $90.55m (OMR34.86m) at the level of the governorates

Oman's Ministry of Housing trades contracts worth $220m in May. [representational image]
Pixabay
Oman's Ministry of Housing trades contracts worth $220m in May. [representational image]

The value of contracts traded in Oman during May 2020 amounted to more than $220.16m (OMR84.76m), while the fees collected amounted to more than $8.18m (OMR3.15m), according the real estate registry secretary of the Ministry of Housing, HE Abdullah bin Salem Al-Makhini.

The total real estate activity included more 10,000 activities during the month of May, which included sale, gift, inheritance, swap, mortgage, foreclosure, and division, among others.

The real estate registry secretary at the Ministry of Housing stated that the number of new plots registered for the first time during the month of May reached 834 plots, of which 697 plots of land were for residential use, 49 plots of land for commercial residential use, 15 plots of land for commercial use, and 20 plots of land for industrial use, and 53 plots of land for agricultural use.

The total value of the sales contracts amounted to more than $127.66m (OMR49.15m) at the level of the governorates of the Sultanate, while the fees collected on the sale amounted to more than $5.97m (OMR2.3m).

The South Al Batinah Governorate recorded the highest sales compared to the rest of the Sultanate’s governorates during the past month, where it reached 427 sales, followed by the governorate of Muscat with 319 sales; the Interior Ministry with 315 sales; and the governorate of Al-Batinah North with 305 sales; among others.

The total value of mortgage contracts amounted to more than $90.55m (OMR34.86m) at the level of the Sultanate’s governorates, while the fees collected for the mortgage amounted to $528,600 (OMR203,499).

The Al-Batinah South governorate recorded 124 mortgages; North Al-Batinah governorates recorded 88 mortgages; followed by Al-Dakhiliya governorate with 50 mortgages, and Al-Dhahirah Governorate with 40 mortgages, among others.

The value of the swap contracts amounted to more than $1.9m (OMR739,000), while the fees collected on it amounted to $38,394 (OMR14,781).

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