The total value of Oman real estate deals has grown by 14.2% as of August 2021, compared to the same period in 2020, the official news agency of Oman reported.
Total property transactions reached OMR 1.74 billion (about USD 4.5 billion) for the period, the report said, citing preliminary statistics by the National Centre for Statistics and Information (NCSI).
This continues the growth trend in Oman real estate deals from May this year. The NCSI reported that the total value of Oman real estate deals as of the end of May 2021 had grown by 32.2% from the same period last year, reaching OMR 1.1 billion (USD 2.86 billion).
Oman real estate sales see an increase, mortgages fall
A total of OMR 50.3 million (USD 130.65 million) was collected in government transaction fees from Oman real estate for the period. This represents an increase of 21% compared to the same period last year.
The traded value of sales contracts also saw an increase, although that of mortgages slipped. Sales contracts grew by 51.1% in trade value, reaching OMR 770.7 million (a little over USD 2 billion), and 74.4% by number, totaling 56,611 contracts. The Oman real estate sector saw 32,460 contracts for the same period in 2020.
On the other hand, mortgage contracts dropped by a marginal 0.6% in traded value for the period, amounting to OMR 959.6 million (USD 2.49 billion), as compared to OMR 965.1 million (USD 2.5 billion) last year.
They did, however, record a total of 12,402 contracts as of the end of August 2021, growing by 55.2% from last year’s 7,989 contracts for the same period.
Title deeds also registered a significant increase in number, especially those issued for GCC citizens. A total of 165,417 title deeds were issued as of the end of August 2021. This represented an increase of 54.3% over last year, where 107,192 title deeds were issued.
Deeds in favour of GCC citizens saw a marked increase growing by 94.3% to a total of 443, from 228 deeds during the same period last year.
At the same time, the traded value of exchange or barter contracts saw a steep decline, falling by 73.7%. This represents a further drop from the 2.7% decline seen in barter contracts during the end of May this year.
Barter contracts recorded OMR 13.8 million (USD 35.84 million) by end of August 2021, compared to OMR 52.5 million (USD 136.36 million) last year.