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Oman's property transactions down 3pc in 11 months

MUSCAT, January 2, 2019

The overall activity in Oman's real estate market was dull during the first 11 months of 2018, compared to the same period last year, reported ONA.

The total value of property transactions in the sultanate till the end of November 2018 declined by 3 per cent to reach RO2.4 billion ($6.2 billion) from RO2.48 billion ($6.43 billion) for the same period of 2017, said the report citing the preliminary statistics issued by National Center for Statistics and information (NCSI).

The sultanate’s government collected RO77.3 million as real estate transaction fees during January-November period this year, up 5.6 per cent over the same period of last year, according to the report.

Of the total traded value till the end of November, RO875.5 million worth transactions were sales contracts, while RO1.51 billion transactions were mortgage deals.

As many as 53,884 sales contracts were executed in the 11-month period of 2018 against 55,537 contracts during the same period of 2017. However, the total number of mortgage contracts fell by 16.2 per cent to reach 14,841 against 17,714 contracts in 2017, stated the report.

The number of plots allocated to GCC citizens surged by 18.5 per cent to reach 1,330 plots compared to 1,122 plots during the same period last year, it added.




Tags: Oman | real estate | Property transactions |

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