Posted inFeatures

Oman real estate: On an impressive growth trajectory

With a 6% positive growth, the real estate market of Oman surpassed $6.7 billion in total value, highlighting a thriving industry

Oman real estate

In December 2023, the real estate trading market in Oman experienced a positive growth of 6%. The total value surpassed $6.7 billion (OMR 2.6 billion), which is higher compared to the previous year’s figure of just under 2.5 billion OMR.

According to the data from the National Centre for Statistics and Information, the fees collected from legal transactions also saw a rise of 4.2% from the end of 2022, reaching a total of 64.9 million OMR.

However, there was a slight decline of 4.3% in the number of traded sales contracts, which amounted to 65,649 contracts valued at 1,044 million OMR, representing a decrease of 7.7%.

On a positive note, the statistics revealed an impressive 18.3% increase in the traded value of lease contracts, totalling 1.551 billion OMR for 22,774 contracts. Additionally, there were 1,394 exchange agreements worth 11.2 million OMR.

By the end of 2023, a total of more than 235,000 ownership deeds were issued, demonstrating a growth of 0.9%. Notably, there was a significant surge in ownership deeds issued to members of the Gulf Cooperation Council, with an impressive increase of 48.9%.