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Modest decline in real estate transactions during H1 2022

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MUSCAT: The total value of real estate transactions in the Sultanate of Oman during the first half of 2022 amounted to RO 1.179 billion, representing a 7.3 per cent decline compared to the transactions totalling RO 1.272 billion for the corresponding period of 2021.

Statistics issued by the National Center for Statistics and Information (NCSI) showed that the total fees collected for all real estate transactions amounted to RO 30.400 million this year, which was down 40.4 per cent from the corresponding figure of RO 50.900 million in 2021.

The statistics indicated a decrease in the total number of property sales contracts by 18.2 per cent until June 2022, although the traded value of sales contracts increased by 2 per cent compared to the same period in 2021.

As many as 116,234 ownership deeds were issued this year, compared to 129,149 ownership deeds for the same period in 2021, entailing a decline of 9.9 per cent. Ownership deeds issued to GCC nations totalled 353 this year.

Also, the number of sales contracts amounted to 35,978 contracts with a total value of more than RO 613.700 million, while the number of exchange contracts reached 677 contracts with a total value of more than RO 7.400 million.

The number of mortgage contracts grew by 3.1 per cent to reach to 9,527 contracts, with a total value of more than RO 558.200 million this year, compared to 9,242 contracts with a total value of RO 659.800 million during the same period in 2021.

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