MUSCAT: Real estate market in the Sultanate is recovering with sale deals showing a robust growth in the first two months of 2018.
Reflecting the market trend and investor sentiment, the total value of property deals in the country during January-February of 2018 surged ahead by 24.6 per cent to RO 565.3 million, compared with RO 453.5 million for the same period last year, according to the latest monthly statistics released by the National Centre for Statistics and Information (NCSI).
Fees collected from all legal transactions stood at RO 15.5 million, comprising an increase by 21.2 per cent.
Of the total value in the first two months, RO 179.5 million worth of deals were sale contracts, constituting a decline by 7.4 per cent while RO 382.3 million transactions were mortgage deals.
As many as 10,611 sale contracts were executed in January till February 2018, compared with 10,615 deals for the same period last year, shows the NSCI data. It seems that the recent firm trend in oil prices and the recovery in economic activity is aiding a firm trend in real estate market as well.
However, the total number of mortgage contracts plunged by 24.6 per cent to 2,545 that is worth RO 382.3 million in the first two months of 2018, against RO 256-million worth mortgage contract during the same period last year.
The value of exchange contracts stood at RO 3.5 million, comprising 7.4 per cent till the end of February 2018 against RO 3.8 million till the end of February 2017. The number of exchange contracts rose by 76.8 per cent to 290 contracts as at the end of February 2018, compared to 164 contracts during the same period in 2017.
Also, 44,958 plots were allocated in the first two months of 2018, against 40,254 plots for the same period last year, indicating a growth of 11.7 per cent.
In all, 271 plots were allocated to GCC citizens during January till February 2018.
— ONA
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