Value of real estate deals reach OMR587.5 million

Muscat: The total value of property transactions in the Sultanate of Oman by the end of March 2022 declined by 14.9 percent to reach OMR587.5 million compared to the same period of 2021, showed the latest data by the National Centre for Statistics and Information (NCSI).

Oman’s government collected OMR16.2 million as real estate transaction fees by the end of March 2022, comprising a drop by 23.7 percent .

The traded value of sale contracts also fell by 5.3 percent  to reach OMR299.1 million. The number of sale contracts went down by 22.4 percent  to reach 19,265 contracts, compared to 24,816 contracts during the same period in 2021.

The traded value of mortgage contracts declined by 22.6 percent  at the end of March 2022, to reach OMR284.5 million, compared to OMR367.6 million during the same period in 2021.

The number of mortgage contracts reached 4,717, constituting a fall by 3.2 percent  compared to the same period in 2021 when it stood at 4,873 contracts.

The traded value of exchange (barter) contracts went down by 44.7 percent  to reach OMR3.9 million by the end of March 2022 compared to OMR7 million during the same period in 2021.

The number of title deeds issued as at the end of March 2022 reached 60,251 constituting a drop by 19.1 percent over the same period in 2021. The number of title deeds issued for GCC citizens went down by 1.4 percent to reach 212 title deeds compared to 215 title deeds during the same period in 2021.