The real estate market in the Sultanate of Oman is showing positive growth, with the traded value of property increasing by 6.4% to OMR1,730.2 million by the end of July 2024. This is compared to OMR1,626.4 million during the same period in 2023, according to data released by the National Centre for Statistics and Information (NCSI). However, fees collected for legal transactions saw a slight decrease of 0.4% to OMR38.2 million during the same period.
Sales contracts in Oman reached a traded value of OMR631.3 million by the end of July 2024, with an increase of 0.5% in the number of sale contracts to 38,627 compared to the same period in 2023. Mortgage contracts also saw a significant increase of 8.9% to OMR1,090.7 million. However, the number of mortgage contracts decreased by 15.9% to 11,799 contracts from 14,029 contracts in 2023. The number of properties issued by July 2024 fell by 5.2% to 130,647, while the number of properties issued to GCC citizens saw an increase of 14.1% to 857.
The rise in the traded value of real estate property in Oman highlights the growing interest in the country’s property market. Despite the slight decrease in fees collected for legal transactions, the increase in sales and mortgage contracts indicates a positive trend in the real estate sector. The increase in the number of properties issued to GCC citizens also suggests a growing interest from international buyers in the Omani property market.
The data released by NCSI reflects the resilience of the real estate market in Oman, despite challenges faced in the global economy. The increase in traded value of property and number of sale contracts demonstrates the strong demand for real estate in the country. The decrease in the number of mortgage contracts could indicate changing trends in financing options for property buyers in Oman.
Overall, the latest statistics on the real estate market in Oman paint a positive picture of the industry’s growth and stability. The increase in traded value of property and sales contracts, as well as the rise in properties issued to GCC citizens, indicate a growing interest in Oman’s property market. With the market showing resilience in the face of global challenges, the future looks bright for the real estate sector in the Sultanate of Oman.
