Oman: Real estate transactions reach OMR 213.1 mn in July

The value of real estate transactions in Oman reached 213.1 million Omani riyals ($553 million) in July, according to a report issued by the Ministry of Housing and Urban Planning.

Findings reveal that the number of title deeds issued during July 2022 reached 15,087 titles in all governorates of Oman distributed as 3,075 titles in Muscat, 944 in Dhofar, 129 in Musandam, 337 in Al Buraimi, 2,061 in Al Dakhiliyah, 2,720 in North Al Batinah, 2,399 in South Al Batinah, 899 in South Al Sharqiyah, 1,090 in North Al Sharqiyah, 1,297 in Al Dhahirah and 136 in Al Wusta. 

As for plots of lands registered for the first time, the total number amounted to 3,216 plots and the number of applications for proof and registration of ownerships reached 1,483, while 484 applications were awarded ownership and other 385 involved site inspection.

The traded value of mortgage contracts in July reached 136 million riyals while the traded value of sales collected touched 74 and 2.1 million riyals was collected as swap contracts.

The total fees collected for legal transactions amounted to 4.2 million riyals, of which 996,400 riyals were collected for mortgages, 43,500 riyals for swap contracts, and 1.6 million riyals for sale contracts.

The statement further indicated that the total legal transactions totaled 8,295, including 4,136 sales contracts, 82 swap contracts, 1,349 mortgage contracts, 1,155 grant contracts, 265 inheritance contracts, 615 mortgage release contracts, and 693 dividing contracts.

The number of title deeds issued during July 2022 reached 15,087 titles in all governorates of Oman distributed as 3,075 titles in Muscat, 944 in Dhofar, 129 in Musandam, 337 in Al Buraimi, 2,061 in Al Dakhiliyah, 2,720 in North Al Batinah, 2,399 in South Al Batinah, 899 in South Al Sharqiyah, 1,090 in North Al Sharqiyah, 1,297 in Al Dhahirah and 136 in Al Wusta. 

On the other hand, the ministry witnessed many initiatives last July, most notably the offering of 22 lands under the usufruct system for electronic bidding on the ‘Tatweer’ platform in 6 different wilayats with investment value and high population density. The ministry also signed usufruct contracts for the use of commercial and industrial lands and others in the field of food security with more than 36 million riyals, as the ministry continued to hand over lands to eligible applicants for years 2022 and 2023 through the “Choose Your Land” service.