Complex Made Simple

Oman real estate deals shoot up by 68 per cent in 4 months

The value of sale contracts dropped by 0.9 per cent to stand at OMR391.7m

The value of real estate deals in Oman during the first four months of the current year shot up by 68 per cent, totalling OMR1.63 billion, government statistics show.

The government collected fees (imposed on real estate deals) of OMR16.1 million, up by 12.6 per cent compared with the same period last year, according to a National Centre for Statistics and Information bulletin published by the Times of Oman.

Interestingly, the report reveals that most real estate deals were conducted through mortgages. The value of the mortgage contracts soared by 115 per cent to OMR1.24bn against OMR577.3m during the same period of 2014.

The value of sale contracts dropped by 0.9 per cent to stand at OMR391.7m, while swap deals reached OMR6.1m, up by a massive 190.5 per cent compared with OMR2.1m in the same period of 2014.

The report, which covers the January-April period, indicates that a total of 85,346 title deeds were issued against 81,168 in the same period in 2014, delivering a growth rate of 5.1 per cent.

Additionally, the number of title deeds issued to GCC nationals plunged by 27.2 per cent to 996 contracts.