Oman's real estate transactions drop 19.5% in March

Muscat: The total value of real estate transactions in the Sultanate of Oman decreased by 19.5 percent to OMR587.50 million at the end of March 2024 compared to OMR730.10 million during the same period in 2023.

Statistics issued by the National Centre for Statistics and Information (NCSI) indicated that the fees collected for all legal transactions decreased by 10.3 percent to OMR16.5 million at the end of March 2024. The total value of sales contracts amounted to OMR284.90 million.

The traded value of mortgage contracts decreased by 30.8 percent to OMR299.80 million in 4,858 contracts while the number of swap contracts reached 383 worth OMR2.8 million.

Property issuance figures showed a 6.9 percent decrease, with 57,167 properties issued by the end of March 2024. Properties issued to citizens of Gulf Cooperation Council (GCC) countries witnessed a 1.2 percent decrease, amounting to 323 properties.