Real Estate Deals Up by 1.3% till End of May 2024

Muscat, The value of traded property in the Sultanate of Oman increased by 1.3% to RO 1,237.0 million till the end of May 2024, compared to RO 1,220.6 million in the same period of 2023, according to the latest data released by the National Centre for Statistics and Information (NCSI). According to Preliminary statistics issued by NCSI, fees collected for legal transactions amounted to RO 27.2 million till the end of May 2024, constituting a decrease of 5.7% compared to the corresponding period of 2023. The value of sale contracts fell by 2.3% to RO 457.2 million till the end of May 2024, and the number of sale contracts increased by 0.7% to 28,023, compared to 27,823 in the same period of 2023. The value of mortgage contracts went up by 3.5% till the end of May 2024 to RO 774.5 million compared to RO 748.4 million during the same period of 2023. Meanwhile, the number of mortgage contracts fell by 15% to 8,596 contracts from 10,110 contracts in the same period of 2023. The traded value of barter contracts rose by 24.5% to RO 5.2 million till the end of May 2024 compared to RO 4.2 million in the same period of 2023. The number of barter contracts declined by 6% to reach 583 contracts till the end of May 2024 compared to 620 contracts in May 2023. The number of properties issued by the end of May 2024 fell by 5.7% to 94,194, whereas the number of properties issued to citizens of GCC countries increased by 2.3% to 528 compared to 516 till the end of May 2023. Source: Oman News Agency