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Real estate trading value reaches OMR261 million in Oman

Business Tuesday 14/June/2016 22:50 PM
By: Times News Service
Real estate trading value reaches OMR261 million in Oman

Muscat: The value of traded contracts in real estate sector reached OMR261,574,446 by the end of May 2016 while the collected fees stood at OMR5,871,321, said Dr. Ali bin Azan Al Hashmi, Deputy Secretary of the Real Estate Registry at the Ministry of Housing.
He said the total number of real estate transactions amounted to 39,500 including sale, will, inheritance, exchange, mortgage and release of mortgage transactions.
He added that the number of sale contracts during May 2016 stood at 7,992 worth of OMR105,213,582 at the level of the Sultanate’s governorates while the collected fees from such sale contracts during May 2016 reached more than OMR4,014,622.
Al Hashmi added that the Governorate of North Al Batinah recorded the highest rate of real estate sale contracts with 1,786 contracts followed by the Governorate of South Al Batinah with 1,433 contracts, 1,319 sale contracts were signed in the Governorate of Muscat, 955 contracts in the Governorate of A’Dakhiliyah, 508 contracts in Governorate of North A’Sharqiyah, 497 contracts in the Governorate of South A’Sharqiyah, 522 contracts in the Governorate of A’Dhahirah, 500 contracts in the Governorate of Dhofar, 244 contracts in the Governorate of Al Buraimi, 182 contracts in the Governorate of Al Wusta and 16 contracts in the Governorate of Musandam.
The Deputy Secretary of the Real Estate Registry explained that a total of 2,224 mortgage contracts worth OMR155,658,886 were signed across the Sultanate during May 2016 with fees worth OMR723,304.
He said that the value of exchanged contracts stood at more than OMR701,977 and the collected fees for the same amounted to OMR14,000 through 69 exchanged contracts.
The Governorates of North Al Batinah reached 12 exchanged contracts, which is the highest percentage among the other governorates.As for inheritance contracts, the Governorate of North Al Batinah registered the highest percentage by 313 contracts.
Al Hashmi added that 25,226 title deeds were issued in May 2016 including 5,240 in the Governorate of Muscat, 1,436 in the Governorate of Dhofar, 3,813 in the Governorate of South Al Batinah, 5,393 in the Governorate of North Al Batinah, 2,006 in the Governorate of North A’Sharqiyah, 1,375 in the Governorate of South A’Sharqiyah, 3,183 in the Governorate of A’Dakhiliyah, 1,868 in the Governorate of A’Dhahirah, 538 in the Governorate of Al Buraimi, 28 in the Governorate of Musandam and 346 in the Governorate of Al Wusta.
He further said that the number of new plots registered for the first time during May 2016 stood at 5,844 including 4,983 residential land plots, 199 residential-commercial land plots, 67 commercial land plots, 81 industrial land plots, 428 agricultural land plots and 86 government land plots.
Al Hashmi concluded that the total number of title deeds issued for the GCC nationals according to the real estate possession conditions during May 2016 amounted to 176 with the UAE citizens on top by (123) followed by the Kuwaitis (38) and (11) for Bahrainis, Qataris with (3) and 1 title deed for Saudi citizen. -ONA