Volume of real estate trading in Q1 amounts to over RO 587m
Published: 05:05 PM,May 17,2022 | EDITED : 09:05 PM,May 17,2022
STAFF REPORTER
MUSCAT, MAY 17
A report issued by the Ministry of Housing and Urban Planning has confirmed that through Q1 of this year the volume of real estate treading in the Sultanate of Oman reached about RO 587.5 million, of which RO 284.5 million are mortgages, RO 299.1 million are sales and RO 3.9 million are swap contracts. As for traded real estate, the value witnessed a decrease by 15 per cent compared to about RO 691.2 million traded during quarter 4 of 2021, as the value of mortgage contracts dropped by 23 per cent and by 5 per cent in sale contracts.
As stated by the Real Estate Bulletin for Q1 of this year, the real estate activity concentrated in Muscat Governorate where it formed 46.5 per cent of Oman’s total trading volume, followed by South Al Batinah Governorate which formed 15.3 per cent. The remaining ratio distributed on the rest of the governorates. At the wilayats’ level, Al Seeb came on top through Q1 in mortgages, with a total of RO 44.4 million, while Bausher topped the sale transactions value, with RO 75.6 million.
The bulletin also reported that the average value of sale contracts rose through Q1 of 2022, reaching to RO 15.5K compared to RO 14.3K through the same period of 2021, while the average value of mortgage contracts dropped to RO 60.3K after it was RO 93.4K in Q4 of the year 2021.
The number of title deeds issued during Q1 of this year totalled 60,463 titles in all governorates, including 12,170 in Muscat Governorate, 2,792 in Dhofar Governorate, 588 in Musandam, 1,255 in Al Buraimi, 7,626 Al Dakhiliyah, 10,377 in North Al Batinah, 12,761 in South Al Batinah, 3,512 in South Al Sharqiyah, 4,331 in North Al Sharqiyah, 4,180 in Al Dhahirah, and 689 in Al Wusta, in addition to 212 title deeds issued for GCC nationals, of which the highest percentage concentrated in South Al Batinah Governorate, followed by Muscat and then North Al Batinah.
On the other hand, the ministry carried out a number of initiatives during Q1 of this year, most notably the Second Media Dialogue in which the ministry reviewed its annual plan and the next phase features. The 'Choose Your Land' service was also launched along with the residential land electronic selection. Moreover, the ministry signed 41 agreements, including 11 agreements on food security projects under the usufruct system at a cost of more than RO 20 million, and 27 usufruct contracts for fuel stations, commercial and industrial projects, in addition to another agreement on the collection of revenues through electronic payment systems and the electronic portal signed with Oman Arab Bank.
With regard to workshops and open meetings, the ministry organised a meeting with officials in North Al Batinah and Musandam governorates regarding the urban development strategy, a workshop on the mechanism for evaluating and preparing residential schemes, and another workshop on the National Initiative for Integrated Residential Neighbourhoods (Sorouh). Furthermore, the first phase of integrated service stations was launched on Al Batinah Expressway in the Wilayat of Liwa, covering primary fuel station services.
MUSCAT, MAY 17
A report issued by the Ministry of Housing and Urban Planning has confirmed that through Q1 of this year the volume of real estate treading in the Sultanate of Oman reached about RO 587.5 million, of which RO 284.5 million are mortgages, RO 299.1 million are sales and RO 3.9 million are swap contracts. As for traded real estate, the value witnessed a decrease by 15 per cent compared to about RO 691.2 million traded during quarter 4 of 2021, as the value of mortgage contracts dropped by 23 per cent and by 5 per cent in sale contracts.
As stated by the Real Estate Bulletin for Q1 of this year, the real estate activity concentrated in Muscat Governorate where it formed 46.5 per cent of Oman’s total trading volume, followed by South Al Batinah Governorate which formed 15.3 per cent. The remaining ratio distributed on the rest of the governorates. At the wilayats’ level, Al Seeb came on top through Q1 in mortgages, with a total of RO 44.4 million, while Bausher topped the sale transactions value, with RO 75.6 million.
The bulletin also reported that the average value of sale contracts rose through Q1 of 2022, reaching to RO 15.5K compared to RO 14.3K through the same period of 2021, while the average value of mortgage contracts dropped to RO 60.3K after it was RO 93.4K in Q4 of the year 2021.
The number of title deeds issued during Q1 of this year totalled 60,463 titles in all governorates, including 12,170 in Muscat Governorate, 2,792 in Dhofar Governorate, 588 in Musandam, 1,255 in Al Buraimi, 7,626 Al Dakhiliyah, 10,377 in North Al Batinah, 12,761 in South Al Batinah, 3,512 in South Al Sharqiyah, 4,331 in North Al Sharqiyah, 4,180 in Al Dhahirah, and 689 in Al Wusta, in addition to 212 title deeds issued for GCC nationals, of which the highest percentage concentrated in South Al Batinah Governorate, followed by Muscat and then North Al Batinah.
On the other hand, the ministry carried out a number of initiatives during Q1 of this year, most notably the Second Media Dialogue in which the ministry reviewed its annual plan and the next phase features. The 'Choose Your Land' service was also launched along with the residential land electronic selection. Moreover, the ministry signed 41 agreements, including 11 agreements on food security projects under the usufruct system at a cost of more than RO 20 million, and 27 usufruct contracts for fuel stations, commercial and industrial projects, in addition to another agreement on the collection of revenues through electronic payment systems and the electronic portal signed with Oman Arab Bank.
With regard to workshops and open meetings, the ministry organised a meeting with officials in North Al Batinah and Musandam governorates regarding the urban development strategy, a workshop on the mechanism for evaluating and preparing residential schemes, and another workshop on the National Initiative for Integrated Residential Neighbourhoods (Sorouh). Furthermore, the first phase of integrated service stations was launched on Al Batinah Expressway in the Wilayat of Liwa, covering primary fuel station services.