Oman 2015 real estate sales reported to exceed OMR4b

Business Saturday 13/February/2016 16:53 PM
By: Times News Service
Oman 2015 real estate sales reported to exceed OMR4b

Muscat: Total traded value of real estate activity in the Sultanate of Oman reached OMR4.14 billion in 2015, representing a 43.7 per cent increase compared to 2014, data from the National Centre for Statistics and Information (NCSI) revealed.
Additionally, fees collected from all legal transactions reached OMR48.60 million, an increase of 21.2 per cent. The traded value of selling contracts also rose 17.3 percent to a record OMR1.36 billion.
At the same time, the number of selling contracts fell by 1.1 per cent to 79,613 contracts, compared with 80,470 contracts during 2014.
The traded value of mortgage contracts jumped 61.7 per cent to record OMR2.76 billion, compared with OMR1.70 billion during 2014. Also, the number of mortgage contracts rose by 17.8 per cent to reach 22,414 contract, compared with 19,033 contracts in 2014.
The traded value of exchange contracts was OMR18.5 million during 2015, with a significant hike of 21.4 per cent, compared with OMR15.2 million in 2014.
The number of exchange contracts also recorded an increase of 21.8 per cent to reach 1,367 contracts in 2014, compared with 1,122 contracts recorded during 2014.
Further, data revealed 244,617 title deeds being issued by the end of 2015, reflecting a 9.3 per cent increase, compared with the data record in 2014, which was 223,713 title deeds.
Meanwhile, the number of title deeds issued for Gulf Cooperation Council (GCC) countries' nationals witnessed a 26.5 per cent fall at the end of 2015 to reach 2,288 title deeds, compared with 3,113 title deeds recorded during 2014.