Oman’s real estate sector grows by 29.5% in 2024, reaching RO 3.3 billion

Muscat : According to a report released by the Ministry of Housing and Urban Planning, the contribution of real estate activities to the country’s gross domestic product (GDP) reached approximately RO 820.7 million by the end of September 2024.

The report highlights that mortgage contracts accounted for the largest share of the traded value, exceeding RO 2.2 billion, while sale contracts contributed RO 1 billion, and swap contracts amounted to RO 13 million.

The growth of foreign investments in the Omani real estate market was also significant, with foreign real estate trading exceeding RO 77.7 million. This marks a 19.4 percent increase compared to 2023, underscoring the sector’s attractiveness to international investors.

Gulf real estate trading in Oman recorded RO 38.1 million, showing a growth rate of 16.5% during 2024.
Regional performance within Oman has shown diverse growth patterns. South Al Batinah Governorate saw the most substantial growth, with a remarkable 244.4 percent increase, totalling RO 1.2 billion in real estate trading. North Al Batinah Governorate also posted strong results, achieving a growth rate of 122.8 percent with a trading value of RO 877 million.

Other governorates such as Al Dakhiliyah, North Al Sharqiyah, and Dhofar showed impressive growth as well, recording increases of 119.2 percent, 101.6 percent, and 41.1 percent, respectively. Musandam and Al Buraimi also saw positive trends, while Al Wusta recorded moderate growth at 10.6 percent.

However, Muscat Governorate, while still leading in terms of total trading value, showed a more modest growth of 1.7 percent, with a trading value of RO 1.2 billion and collected fees of RO 22 million.
On the downside, South Al Sharqiyah and Al Dhahirah Governorates experienced declines in real estate activity, with decreases of 9.7 percent and 10.7 percent, respectiv