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Oman posts 15.7% drop in real estate activity

According to figures by Oman's National Centre for Statistics and Information (NCSI), the sultanate's real estate sector shrunk for the first five months of 2013, as both traded value and volumes decreased, Muscat Daily has reported. Total traded value of property decreased by 15.7% to OR680.6m from OR807.6m in the same period last year. Real estate services firm, Cluttons, said the slowdown in activity may have been caused by volatile markets, combined with stock shortage. "The percentage changes are not significant and may be due to large deals reported in the previous period. There is currently demand in the market, but with a shortage of supply, and this may be showing in the figures" said Clutton's country head, Philip Paul.