The total value of real estate trading in Oman rose 28.1 percent by the end of November 2024 to OMR3.1 billion ($8.05 billion) compared to OMR2.44 billion during the same period in 2023.
The real estate sector in Oman is experiencing steady growth. According to the latest report by Hamptons International Oman, the residential segment is expected to grow at an annual growth rate of 3.7 from 2024 to 2029 resulting in a market volume of $358 billion by 2029.
Sale contracts rise to OMR1.1 billion
The latest data from the National Center for Statistics and Information revealed that fees collected for legal transactions rose 2.6 percent year-on-year to OMR62.1 million.
Meanwhile, the value of sale contracts in Oman’s real estate sector rose 3.1 percent to OMR1.1 billion. In addition, the number of sale contracts increased by 1.9 percent to 61, 552 in November.
The data also revealed that the value of mortgage contracts increased by 44.8 percent to OMR2.1 billion for 18, 846 contracts. In addition, the number of swap contracts reached 1,223 contracts worth OMR12.4 million.
The number of issued properties by the end of November 2024 amounted to around 210,483 properties, a 3.4 percent annual decline. Notably, the number of properties issued to GCC citizens amounted to 1,325 properties, reflecting an annual increase of 6.8 percent.
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Factors supporting real estate growth
Oman’s government has implemented various initiatives to attract foreign investment and stimulate economic growth. These initiatives include the relaxation of property ownership laws for foreigners and the introduction of tax incentives for real estate developers.
Additionally, the government is investing in infrastructure projects, such as the development of new roads and airports, which further enhance the attractiveness of Oman’s real estate market. Underlying macroeconomic factors are also driving the growth of the real estate market in Oman.
Oman is also witnessing an expansion in urban locations such as Al Ghubra, Al Khuwair and Airport Heights. Traditional locations like Ruwi and Al Qurum also continue to witness steady growth.
