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Oman real estate market sees 19.5% decline in transactions

The traded value of mortgage contracts decreased by 30.8 per cent in the Sultanate of Oman

Oman real estate market sees 19.5% decline in transactions

The total value of real estate transactions in the Sultanate of Oman decreased by 19.5 per cent to $226.19 billion (OMR587.50 million) at the end of March 2024 compared to $281 million (OMR 730.10 million) during the same period in 2023.

Statistics issued by the National Centre for Statistics and Information (NCSI) indicated that the fees collected for all legal transactions decreased by 10.3 per cent to $42.9 million (OMR 16.5 million) at the end of March 2024. The total value of sales contracts amounted to $741.74 million (OMR284.90 million).

The traded value of mortgage contracts decreased by 30.8 per cent to $779.48 million (OMR 299.80 million) in 4,858 contracts while the number of swap contracts reached 383 worth $7.28 million (OMR 2.8 million).

Property issuance figures showed a 6.9 per cent decrease, with 57,167 properties issued by the end of March 2024. Properties issued to citizens of Gulf Cooperation Council (GCC) countries witnessed a 1.2 per cent decrease, amounting to 323 properties.