MUSCAT: The Ministry of Housing said that the trading value of the property in the Sultanate during 2017 decreased compared to 2016.
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 RO 2,609.974 million during 2017, compared with more than RO 6,622.521 million, comprising a decline by 61 per cent.
Meanwhile, the collected fees stood at RO 80.186 million compared to more than RO 65.590 million, comprising an increase by 22 per cent. He pointed out that the total number of real estate transactions amounted to 351,679 during 2017 at the level of the Sultanate’s governorates as 70,903 contracts were in the Governorate of Muscat, 18,378 contracts in the Governorate of Dhofar, 56,419 contracts in the Governorate of South Al Batinah, 66,769 contracts in Governorate of North Al Batinah, 23,455 contracts in the Governorate of South Al Sharqiyah, 28,480 contracts in the Governorate of North Al Sharqiyah, 45,533 contracts in the Governorate of Al Dhakiliyah, 23,768 contracts in the Governorate of Al Dhahirah, 8,478 contracts in the Governorate of Al Buraimi, 4,028 in the Governorate of Musandam and 5,468 in the Governorate of Al Wusta.
Al Mukhini added that 228,085 title deeds were issued during 2017 compared with 243,412 title deeds were issued in 2016, comprising a decline by 6 per cent. The new land plots registered for the first time during 2017 stood at 58,433 compared with 54,905 land plots during 2016,
comprising an increase by 6 per cent.
He added that the number of new land plots registered for the first time for the GCC citizens’ title deeds stood at 1,200, compared with 1,917 title deeds during 2016, comprising a drop by 37 per cent. He added that the number of sale contracts during 2017 exceeded 59,495 that worth more than RO 1,140.828 million at the level of the Sultanate’s governorates during 2017, compared with 68,001 sale contracts that worth RO 1,027.237 million, comprising a fall by 13 per cent in the number of sale contracts.
The collected fees from such transactions stood at more than RO 45,142,000 compared with 2016, which stood at more than RO 37,565,000, comprising an increase by 11 per cent in terms of their value and 20 per cent in term of their collected fees.
He further said that the exchange contracts during 2017 stood at 1,086 that worth more than RO 21,282,000 compared with 746 exchange contracts in 2016, which worth more than RO 12,579,000 comprising a growth by 46 per cent in terms of the number of contracts and 69 per cent in term of their value.
Meanwhile, the collected fees stood at 423,000 in 2017, against more than 251,000 in 2016, comprising an increase by 68 per cent.
Al Mukhini affirmed that the mortgage contracts during 2017 stood 18,613 that worth above RO 1.447,863 million while the collected fees stood at more than RO 8,000,089 when compared with 2016 which stood at 22,593 contracts that worth more than RO 5,582.704 million.
The collected fees from such transactions hit more than RO 9,344,000, comprising a decline by 18 per cent in the number of the mortgage contracts, and 74 per cent and 13 per cent in their value and fees respectively. — ONA
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