Real estate deals rise by 14.2% in Oman

Muscat: The total value of property transactions in the Sultanate at the end of August 2021 increased by 14.2 per cent to reach OMR1,744,100,000 compared to the same period of 2020, as indicated by the preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

The Sultanate’s government collected OMR50.3 million as real estate transaction fees at the end of August 2021, which is a rise of 21 per cent compared to the same period of 2020.

The traded value of sales contracts also increased by 51.1 per cent to OMR770,700,000, and the number of sales contracts increased by 74.4 per cent to 56,611 contracts, compared to 32,460 contracts during the same period in 2020.

The traded value of mortgage contracts fell by 0.6 per cent at the end of August 2021, to reach OMR959,600,000, compared to OMR965,100,000 during the same period in 2020.
The number of mortgage contracts till the end of August 2021 reached 12,402, an increase of 55.2 per cent over the same period in 2020, which recorded 7,989 contracts.

NCSI data revealed a significant drop in traded value of exchange (barter) contracts by 73.7 per cent at the end of August 2021 to OMR13.8 million, as against OMR52.5 million posted in the comparable period of 2020.

The number of title deeds issued at the end of August 2021 reached 165,417, an increase by 54.3 per cent over the same period of 2020, in which 107,192 title deeds were issued.

Meanwhile, the number of title deeds issued in favour of the GCC citizens increased by 94.3 per cent to reach 443, compared to 228 during the same period in 2020, the data showed.