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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

3pc drop in Real Estate Deals in November 2018

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Muscat: The overall activity in the real estate market was dull in the first 11 months of the year 2018, compared to the same period


last year.




The total value of property transactions in the Sultanate till the end of November 2018 declined by 3 per cent to reach RO2.40 billion from RO2.48 billion for the same period of 2017, as indicated by the preliminary statistics issued by National Center for Statistics and information


(NCSI).




The Sultanate’s government collected RO77.3 million as real estate transaction fees during January-November period this year, 5.6 per cent higher compared to the same period of the last year.




Of the total traded value till the end of November 2018, RO875.5 million worth transactions were sales contracts, while RO1.51 billion


transactions were mortgage deals.




As many as 53,884 sales contracts were executed in the 11-month period of 2018 against 55,537 contracts during the same period of 2017.




However, the total number of mortgage contracts fell by 16.2 per cent to


reach 14,841 against 17,714 contracts in 2017.




NCSI data reveal a significant fall in traded value of exchange (barter) contracts by 26.5 per cent during the January-November 2018 period to RO14.7 million, as against RO20 million posted last year over the comparable period.




The number of barter contracts witnessed a rise of 43.1 per cent to 1,381, compared to 965 contracts in 2017.




As for plots issued till the end of November 2018, the number stood at 204,193, which is a decline of 2.4 per cent from the end of November 2017,


when 209,195 plots were issued.




The number of plots allocated to GCC citizens surged by 18.5 per cent to reach 1,330 plots compared to 1,122 plots during the same period last year, the data showed. --ONA



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