The total value of real estate trading in Oman exceeded OMR3.3 billion ($8.6 billion), achieving 29.5 percent increase compared to 2023.
A report from the country’s Ministry of Housing and Urban Planning indicates that by the end of September 2024, real estate activities contributed OMR820.7 million ($2.1 billion) to the Sultanate’s gross domestic product (GDP).
Mortgage contracts made up the upper portion of the deal value at OMR2.2 billion followed by sale contracts worth OMR1 billion and swap contracts at OMR13 million.
Growth in foreign investments
The Omani real estate market witnessed an impressive rise in foreign investment when foreign real estate trading surpassed OMR77.7 million. The market has attracted international investors through rising foreign investment reaching 19.4 percent for the year spanning from 2023 to 2024.
Read more: Oman’s real estate transactions hit $4.41 billion by end of July 2024, up 6.4 percent
Diverse regional performance
Real estate trade in Oman has demonstrated different patterns of development across its various regions. The real estate market within South Al Batinah Governorate showed the highest advancement by reaching OMR1.2 billion with 244.4 percent growth. The trading value of OMR877 million resulted in 122.8 percent growth during the period in North Al Batinah Governorate.
Other governorates show remarkable growth in real estate trading
The governorates Al Dakhiliyah alongside North Al Sharqiyah and Dhofar experienced significant growth as the trading value surged by 119.2 percent, 101.6 percent and 41.1 percent consecutively. The statistical data shows that Musandam and Al Buraimi governorates experienced growth patterns and Al Wusta governorate showed 10.6 percent moderate expansion.
The Muscat Governorate maintained its position as the leading trading sector yet its growth stood at 1.7 percent with OMR1.2 billion total value and OMR22 million in collected fees.
The real estate market experienced declines in South Al Sharqiyah along with Al Dhahirah Governorates as it registered respective drops of 9.7 percent and 10.7 percent.
