According to the latest data released by Oman’s National Centre for Statistics and Information (NCSI), the value of real estate transactions in Oman rose by 24.3% to 730.1 million Omani riyals ($1.9 billion) in March 2023, compared to the same period in the previous year.
Legal transaction fees collected at the end of March amounted to 18.5 million riyals, reflecting an increase of 14 percent compared to the corresponding period in 2022.
Read more: Oman: Real estate transactions reach OMR 213.1 mn in July
While the value of sale contracts decreased by 1.5 percent to 294.6 million riyals and the number of sale contracts decreased by 10.8 percent to 17,191, the value of mortgage contracts increased by 52.3 percent to 433.3 million riyals in March 2023, compared to March 2022. Additionally, the number of mortgage contracts rose by 23.2 percent to 5,813 from 4,717 in the same period of 2022.
On the other hand, the value of swap contracts decreased by 45.1 percent to 2.1 million riyals at the end of March 2023 compared to 3.9 millio riyals in the same period of the previous year.
The number of title deeds issued in March 2023 increased to 61,371, while the number of title deeds issued to citizens of GCC countries increased by 54.2 percent to 327, up from 212 in March 2022. These figures indicate a healthy real estate market in Oman, with increasing interest in mortgage contracts and rising numbers of title deeds issued to citizens of GCC countries.
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