Muscat – The total value of real estate transactions in Oman reached RO1.41bn during the first half of 2024, a marginal increase of 0.5% compared to RO1.4bn in the same period in 2023. This small growth reflects a steady market, despite fluctuations in specific areas.

According to data released by National Centre for Statistics and Information, the fees collected for real estate transactions amounted to RO32.3mn, down 3.5% from RO33.4mn collected during the same period last year. The value of sale contracts traded stood at RO545.6mn for 32,596 contracts, showing a slight decrease of 0.9% compared to last year.

Mortgage contracts saw a 0.5% increase in value, reaching RO856.7mn for 10,028 contracts, compared to RO852.1mn during the first half of 2023. The number of swap contracts rose significantly – 52% – for 671 contracts valued at RO7.3mn from RO4.8mn in 2023.

The number of properties registered dropped 7% from 117,870 in the first half of 2023 to 109,666 in the first half of 2024.

In contrast, the number of properties registered to Gulf Cooperation Council citizens increased 5.2% to 666 from 633 in 2023.

These figures suggest a mixed performance in Oman’s real estate market, with some areas growing and others contracting. The overall market remains resilient, supported by ongoing transactions and steady interest of GCC citizens.

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