According to the latest data released by the National Centre for Statistics and Information (NCSI), real estate transactions in the Sultanate of Oman experienced a decline in value. By the end of January 2024, the value of these transactions decreased by 20.2 percent to OMR207.8 million ($539.8 million), compared to OMR260.5 million ($676.71 million) during the same period in 2023.
Read more: Oman’s real estate market booms: Transactions worth OMR730.1 million
The data also revealed that fees collected for all legal actions reached OMR6.6 million by the end of January 2024, indicating a 13.4 percent increase compared to the corresponding period in 2023.
Specifically, the traded value of sale contracts decreased by 14.7 percent to OMR101 million at the end of January 2024. However, the number of sale contracts increased by 6.6 percent to 6,124.
Similarly, the traded value of mortgage contracts experienced a decline of 25.4 percent to OMR105.4 million, in contrast to OMR141.3 million during the same period in 2023. Furthermore, the number of mortgage contracts fell by 10.4 percent to 1,522 contracts.
The number of ownership deeds issued by the end of January 2024 decreased by 4.7 percent to 20,612. Additionally, the number of ownership deeds issued to citizens of GCC countries fell by 9.9 percent to 100.
During the year 2023, the real estate market in Oman experienced a significant surge in demand. By the end of December 2023, real estate transactions exceeded OMR2.6 billion ($6.75 billion). While there were fluctuations in the sales segment, the rental sector emerged as a prominent catalyst for growth, indicating a shift in the trends within Oman’s real estate landscape.
Based on statistics provided by NCSI, lease contracts witnessed a significant increase, with a rise of 18.3 percent amounting to OMR1.55 billion. This upswing in rental transactions serves as a clear indication of the robust demand for residential and commercial properties within Oman’s real estate market.
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