Oman real estate trading drops 24% YoY to $2.82bn in May 2020

The value of the sales contracts fell 32.3% YoY to $737m (OMR283.7m) for 15,949 sales contracts in May 2020

Oman real estate trading drops 24% QoQ to $2.82bn in May 2020
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Oman real estate trading drops 24% QoQ to $2.82bn in May 2020

The total value of traded real estate activity in the Sultanate of Oman dropped 24% YoY to $2.82bn (OMR878.9m) in May 2020, compared to $4.96bn (OMR1.91bn) in May 2019, according to the preliminary statistics issued by Oman’s National Centre for Statistics and Information.

The fees collected for all legal actions amounted to $58.4m (OMR22.5m) in May 2020, a decrease of 40.8% compared to the same period last year, while the current value of the sales contracts amounted to $737m (OMR283.7m) for 15,949 sales contracts – a 32.3% decrease in value compared to May 2019.

The current value of mortgage contracts decreased 11.5% to $1.5bn (OMR586m) in May 2020, compared to $1.72bn (OMR662.4m) in the same period last year. The number of mortgage contracts reached 4,146, and the number of swap contracts reached 502 in May 2020.

More than 58,360 properties were issued in May 2020, a 38% year-on-year drop. Out of these, 167 properties were issued to GCC citizens during this period.

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