Value of real estate activity hits RO 2.6bn last year

MUSCAT: The total real estate activity in the Sultanate by the end of 2017 reached RO 2,609.4 million, comprising a decrease of 60.6 per cent over the end of 2016, according to preliminary data released by the National Centre for Statistics and Information (NCSI).
The fees collected for all legal actions stood at 78.6 million, constituting an increase of 20.1 per cent over the previous period.
The value of sales contracts rose by 11 per cent over the end of 2016 to reach RO 1,140.4 million.
The number of sale contracts fell by 12.7 per cent to 59,480 contracts in the end of 2017, compared with 68,145 contracts by the end of 2016.
The value of mortgage contracts dropped by 74.1 per cent to reach
RO 1,447.9 million in the end of 2017 from RO 5,582.6 million by the end of 2016.
The number of mortgage contracts stood at 18,619, down by 17.6 per cent compared with the end of 2016.
The total value of swap contracts increased by 68.4 per cent to reach RO 21.1 million in the end of 2017 from RO 12.5 million of the year 2016.
The number of swap contracts reached 1,079 by the end of 2017, compared with 774 contracts in 2016.
The number of title deeds issued by the end of last year stood at 225,468,, comprising a fall by 2.1 per cent from the end of 2016, when 230,403 title deeds were issued.
The number of title deeds issued for GCC citizens by the end of last year decreased by 36.7 per cent to reach 1,112, compared with 1,912 title deeds by the end of 2016. — ONA