The real estate market in the Sultanate of Oman has seen a significant decrease in the total value of transactions at the end of March 2024, with a 19.5 percent drop compared to the same period in 2023. According to statistics from the National Centre for Statistics and Information (NCSI), the total value of transactions stood at OMR587.50 million, down from OMR730.10 million the year before. Additionally, fees collected for all legal transactions decreased by 10.3 percent to OMR16.5 million during this period.
Sales contracts in Oman totaled OMR284.90 million, while mortgage contracts saw a significant decrease of 30.8 percent to OMR299.80 million in 4,858 contracts. The number of swap contracts reached 383, with a total value of OMR2.8 million. Property issuance figures also saw a decline of 6.9 percent, with 57,167 properties issued by the end of March 2024. Properties issued to citizens of Gulf Cooperation Council (GCC) countries experienced a 1.2 percent decrease, totaling 323 properties.
It is important to note the factors that may have contributed to the decline in real estate transactions in Oman. Economic conditions, changes in government policies, and market trends can all impact the real estate sector. The global economic situation, including fluctuations in oil prices and international trade, can also influence the real estate market in Oman. In addition, the COVID-19 pandemic has had a significant impact on various industries, including real estate, which may have affected transaction volumes in the country.
Despite the decrease in real estate transactions, there may still be opportunities for investors in the Omani market. Lower property values could present buying opportunities for those looking to invest in real estate. Additionally, the government may implement policies or incentives to stimulate the real estate market and encourage investment. Foreign investors, in particular, may find opportunities in Oman’s real estate sector, especially with initiatives aimed at attracting foreign investment to the country.
To navigate the current real estate landscape in Oman, it is essential for investors to conduct thorough research and due diligence. Understanding market trends, legal requirements, and potential risks is crucial for making informed investment decisions. Consulting with real estate experts and financial advisors can also provide valuable insights and guidance for investors looking to capitalize on opportunities in Oman’s real estate market.
Overall, while the real estate market in Oman may have seen a decrease in transaction volumes, there are potential opportunities for investors willing to take advantage of market conditions. By staying informed, conducting proper research, and seeking professional advice, investors can position themselves to capitalize on opportunities in Oman’s evolving real estate sector.
