Oman real estate deals hit $1.9bn in March

Oman real estate transactions hit OR730.1m ($1.9bn) in March, up 24.3 per cent on the same period in 2022, according to the latest date issued by the National Centre for Statistics and Information (NCSI).

The figures revealed that the total fees collected for all transactions by the end of March 2023 amounted to OR18.5m, comprising an increase of 14 per cent compared to the same period in 2022.

The traded value of sales contracts decreased by 1.5 per cent, to stand at OR294.6m. The number of sales contracts also saw a decline of 10.8 per cent , to stand at 17,191 contracts compared to 19,265 contracts by the end of 2022.

Oman real estate
The statistics indicated a rise in the traded value of mortgage contracts at the end of March 2023 by 52.3 per cent, to reach OR433.3m, compared to OR284.5m during the corresponding period in 2022.

Meanwhile, the number of mortgage contracts reached 5,813, comprising an increase of 23.2 per cent over the same period in 2022 when it stood at 4,717 contracts.

The traded value of swap contracts declined by 45.1 per cent to reach OR2.1m by the end of March 2023, compared to OR3.9m during the same period of 2022.

The number of swap contracts went down by 1.8 per cent to reach 372 contracts, compared to 379 contracts by the end of the same period in 2022.

The number of title deeds issued by the end of March 2023 stood at 61,371, comprising a slight rise of 1.9 per cent compared to the same period in 2022.

The number of issued title deeds for GCC citizens in Oman surged by 54.2% to reach 327 compared to 212 during the corresponding period in 2022.