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Realty trade tops RO 183m


Muscat: Abdullah bin Salim al Mukhaini, Secretary of the Real Estate Registry at the Ministry of Housing, said that the value of traded contracts in real estate sector reached RO183,468,715 by the end of February 2018, while the collected fees stood at RO 7,367,388.

He pointed out that the total number of real estate transactions amounted to 41,767 including sale, will, inheritance, exchange mortgage and release of mortgage transactions, besides visas.

He added that the number of sale contracts during February 2018 exceeded 5,045 contracts worth of RO 97,921,000 across governorates while the collected fees from such sale contracts during February 2018 reached RO 3,779,701.

The Governorate of North Al Batinah recorded the highest rate of real estate sale contracts (1,122)followed by Muscat (843) and South Al Batinah (813)

Al Mukhini added that 24,923 title deeds were issued in February 2018 including 5,344 in North Al Batinah, 4,175 in Muscat, 3,620 in South Al Batinah, 3,356 in Al Dakhiliyah, 2.678 in Al Dhahirah, 2,019 in North Al Sharqiyah, 1,505 in South Al Sharqiyah, 1, 459 in Dhofar, 436 in Al Wusta, 227 in Musandam, and 108 in Al Buraimi.

The number of new land plots registered for the first time stood at 6,201. The Secretary of the Real Estate Registry explained that the value of exchanged contracts stood at RO 1,176.719 and the collected fees for the same amounted RO 23,481 through 136 exchanged contracts. The Governorate of Al Dhahirah recorded the highest rate with (24) contracts. Inheritance contracts stood at 679. The Governorate of North Al Batinah registered the highest (337) in inheritance contracts.

He explained that a total of 1,364 mortgage contracts worth RO 84,370,534 were signed across the Sultanate during February 2018 with fees worth RO 530,879.

He said Muscat recorded the highest rate of mortgage contracts among the Sultanate’s governorates with 535.

The total number of properties purchased by the GCC nationals in February amounted to 115, with the UAE on top (47) followed by Kuwaiti (39), Qatar (15), Saudi Arabia (9) and Bahrain (5).

The Governorate of North Al Batinah accounted for 33 per cent of properties owned by GCC citizens. — ONA

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