Real estate deals decline in first half to RO 1.4 million: NCSI data

MUSCAT: The overall activity in the real estate market was dull in the first half of 2018, compared to the same period of last year.
As an indication of the market trend, the total value of property transactions in the Sultanate during January till June this year marginally declined by 0.4 per cent to RO 1,413.8 million, from RO 1,419.5 million for the same period of last year, shows the latest monthly statistics released by the National Centre for Statistics and Information (NCSI).
Of the total value in the first six months, RO 486.3 million were sales contracts, while RO 919.8 million transactions were mortgage deals, added the NCSI report.
As many as 30,267 sales contracts were executed in January till June period of 2018, against 30,618 deals for the same period of last year, noted the NSCI monthly report.
Also, the total number of mortgage contracts declined by 18.3 per cent to 8,610 in the first six months of 2018, against 10,537 deals for the same period of last year.
Further, RO 45.5 million were collected by way of real estate transaction fees (stamp duty) during January-June period of 2018, up by 10.1 per cent compared to the same period of last year.
Besides, 116,039 plots were allocated in the first six months of 2018, against 115,864 plots for the same period of last year — indicating a fall of 0.2 per cent.
Of this, 812 plots were allocated to GCC citizens during January till June period of 2018.
In 2017, the total value of property deals stood at RO 2,609.4 million, the NCSI data showed.
Of the total value, RO 1,140.4 million worth of deals were sales contracts, while RO 1,447.9 million transactions were mortgage contracts.
As many as 225,468 plots were allocated last year.
Of this, 1,211 plots were allocated to GCC citizens. — ONA