Oman’s real estate market exhibited a mixed performance during the first half of 2024, with some sectors experiencing growth while others saw contractions.
The total value of real estate transactions reached OMR1.41 billion ($3.66 billion), marking a slight 0.5 percent increase compared to the OMR1.4 billion recorded in the same period of 2023. This modest growth indicates a stable market, despite fluctuations in specific segments.
According to data released by the National Centre for Statistics and Information, fees collected from real estate transactions amounted to OMR32.3 million, representing a 3.5 percent decrease from the OMR33.4 million collected in the first half of 2023.Â
The value of sale contracts traded reached OMR545.6 million for 32,596 contracts, showing a slight dip of 0.9 percent compared to the previous year.Â
Mortgage contracts, however, saw a 0.5 percent increase in value, reaching OMR856.7 million for 10,028 contracts, compared to OMR852.1 million in the first half of 2023. Â
Swap contracts witnessed a significant surge, increasing by 52 percent to 671 contracts valued at OMR7.3 million, up from OMR4.8 million in 2023.
Read more: Real estate transactions in Oman surpass $539 million by January 2024
The number of properties registered declined by 7 percent, dropping from 117,870 in the first half of 2023 to 109,666 in the first half of 2024. Â
However, the number of properties registered to Gulf Cooperation Council (GCC) citizens increased by 5.2 percent to 666, compared to 633 in 2023.
These figures indicate a balanced performance within Oman’s real estate sector, with some areas experiencing growth while others contract. The overall market remains resilient, supported by ongoing transactions and sustained interest from GCC citizens.
For more news on real estate, click here.
