Oman's real estate deals rise by 1.3%

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Muscat: The value of traded property in the Sultanate of Oman increased by 1.3 per cent to OMR1,237.0 million till the end of May 2024, compared to OMR1,220.6 million in the same period of 2023, according to the latest data released by the National Centre for Statistics and Information (NCSI).

According to Preliminary statistics issued by NCSI, fees collected for legal transactions amounted to OMR27.2 million till the end of May 2024, constituting a decrease of 5.7 per cent compared to the corresponding period of 2023.

The value of sale contracts fell by 2.3 per cent to OMR457.2 million till the end of May 2024, and the number of sale contracts increased by 0.7 per cent to 28,023, compared to 27,823 in the same period of 2023.

The value of mortgage contracts went up by 3.5 per cent till the end of May 2024 to OMR774.5 million compared to OMR748.4 million during the same period of 2023. Meanwhile, the number of mortgage contracts fell by 15 per cent to 8,596 contracts from 10,110 contracts in the same period of 2023.

The traded value of barter contracts rose by 24.5 per cent to OMR5.2 million by the end of May 2024 compared to OMR4.2 million in the same period of 2023. The number of barter contracts declined by 6 per cent to reach 583 contracts by the end of May 2024 compared to 620 contracts in May 2023.

The number of properties issued by the end of May 2024 fell by 5.7 per cent to 94,194, whereas the number of properties issued to citizens of GCC countries increased by 2.3 per cent to 528 compared to 516 till the end of May 2023.