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30pc drop in real estate transactions in January


Muscat: Property transactions fell 30.6 per cent to reach a value of RO 167.3 million by the end of January 2020, down from RO 241 million for the same period of 2019.

According to preliminary statistics issued by National Centre for Statistics and information (NCSI), the number of plots registered by end January 2020 was 17,494, representing a decline of 14.7 per cent from the end of January 2019, when 20,511 plots were registered.

Of the total traded value until the end of January 2020, RO 60.1 million worth transactions were sales contracts, while RO 103.8 million transactions were mortgage deals.

As many as 4,595 sales contracts were executed in January 2020 against 5,599 contracts during the same period of 2019. However, the total number of mortgage contracts fell by 9.8 per cent to reach 1,087 contracts against 1,205 contracts in 2019.

The Sultanate’s government collected RO 6.6 million as real estate transaction fees until the end of January 2020, which is a drop of 19.2 per cent compared to the same period of 2019.

NCSI data reveal a significant fall in traded value of exchange (barter) contracts by 14.7 per cent during January 2020 period to RO 3.4 million, as against RO 3.9 million posted in the comparable period of 2019.

The number of barter contracts witnessed a rise of 0.6 per cent to a total of 156, compared to 155 contracts in 2019.

The number of plots allocated to GCC citizens fell by 15.3 per cent to reach 61 plots compared to 72 plots during the same period of 2019, the data showed.

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