Oman’s October 2019 real estate deals record 9.3% decline to $5.3bn

National Centre for Statistics and Information says 178,469 land plots were alloted until the end of October

The sultanate's real estate deals saw a dip in October 2019. [representational]
CW Archives / Getty
The sultanate's real estate deals saw a dip in October 2019. [representational]

Oman’s National Centre for Statistics and information (NCSI) has revealed that the total value of real estate transactions slumped by 9.3% to $5.3bn (OMR2.03bn) in October 2019, compared to $5.8bn (OMR2.24bn) in the same period last year.

The number of plots issued until the end of October 2019 was 178,469, which declined by 4.9% from 187,735 plots in October 2018, the Oman News Agency reported.

Sales contracts in the period stood at $2bn (OMR780.9m), while mortgage deals accounted to $3.2bn (OMR1.23bn).

In addition, 48,497 sales contracts were carried out in October 2019, compared to 49,586 during the same period last year. The total number of mortgage contracts fell by 0.4% to reach 13,760 contracts from 13,815 contracts in 2018.

The number of plots allotted to GCC citizens glided by 35.3% to reach 780 plots compared to 1,206 plots during the same period in 2018, according to NSCI’s data.

The Sultanate’s government collected $180m (OMR69.3m) in real estate transaction fees until the end of October 2019, with the number having dropped by 2.5% compared to 2018's figures.

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020