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The value of real estate transactions in Oman has fallen by 19.8% to $2 billion by the end of April 2024, compared to $2.5 billion in the same period last year. According to the National Centre for Statistics and Information (NCSI), the fees collected for legal transactions amounted to $53 million, a drop of 8% compared to the corresponding period in 2023.

Despite the decline in transaction value, the number of sale contracts rose by 2.5% to 21,385, and the value of sale contracts increased by 0.7% to $934 million. In contrast, the value of mortgage contracts declined by 33.2% to $1 billion, with the number of mortgage contracts falling by 14.6% to 6,482.

On a positive note, the traded value of barter contracts rose by 33% to $9.4 million, with the number of barter contracts increasing by 1.5% to 465. However, the number of title deeds issued fell by 5.5% to 72,181, with the number of title deeds issued to GCC citizens dropping by 4.2% to 410.

These statistics provide valuable insights into Oman’s real estate market, highlighting the need for careful consideration and strategic planning in this sector.