Real estate deals across Oman saw a 5.4 percent year-on-year rise by the end of August 2024 to OMR1.93 billion ($5 billion), according to the latest data from the National Center for Statistics and Information (NCSI).
The data reveals that legal transaction fees rose 0.2 percent to OMR43.7 million ($113.53 million) in August compared to August 2023.
The NCSI also revealed that the traded value of real estate sales contracts in Oman reached OMR716.1 million by end of August 2024 while the number of sale contracts increased by 0.9 percent to 44,398.
Meanwhile, the traded value of mortgage contracts increased by 7.9 percent in August to OMR1,207.8 million, while the number of mortgage contracts reached 13,565 with a value of OMR9.2 million.
The data also revealed that the number of properties Oman issued in August decreased by 4.9 percent to 149,935. Meanwhile, number of properties issued for GCC citizens rose by 12.3 percent to 985.
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H1 sees $3.63 billion in trading value
During the first half of 2024, Oman’s real estate sector saw a total trading value of OMR1.4 billion ($3.63 billion), a 0.5 percent increase from the same period in 2023. The growth so far aligns with market forecasts, which expect Oman’s residential real estate market to grow from $4.38 billion in 2024 to $6.80 billion by 2029, according to Mordor Intelligence.
The total value of sales contracts in H1 reached OMR545.6 million across 32,596 contracts. However, the number of contracts decreased by 0.9 percent compared to the first half of the previous year. Mortgage contract values increased by 0.5 percent to OMR856.7 million for 10,028 contracts during the first six months of the year. Meanwhile, properties issued to GCC citizens reached 666, a 5.2 percent increase from the same period last year.
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