Complex Made Simple

Oman property sales soars 43 per cent to OMR3.81 billion

The value of real estate units in November stood at OMR394.2m, while sales contracts reached OMR205.4m

The total trade in real estate in Oman surged to OMR3.81 billion at the end of November 2015, signalling an increase of 43.2 per cent from the OMR2.66bn recorded in the corresponding period of 2014, according to new data.

The figures released by the National Centre for Statistics and Information (NCSI), indicate that gross fees collected from all real estate sales and deals went up by 18.8 per cent to OMR44.3 million.

The value of sale contracts rose by 12.7 per cent to OMR1.22bn, according to the data published by the Muscat Daily newspaper.

The value of real estate units in November stood at OMR394.2m, while sales contracts reached OMR205.4m.

The figures also show that the value of mortgage contracts shot up by 64.3 per cent to a record OMR2.56bn, compared with OMR1.56bn last year.

In total, 223,799 title deeds were issued during the period, reflecting a 10.5 per cent rise.

The number of properties bought by citizens of GCC countries posted a decline of 25.8 per cent, with numbers falling to 2,132 from last year’s 2,875.
(OMR1 = AED9.53, at the time of publishing)