Real estate trading in Oman up by 30.1% in 2024, reaching nearly RO 3 billion

Muscat: Statistics from the National Centre for Statistics and Information (NCSI) highlighted a growth across multiple facets of the market. The fees collected for all legal transactions amounted to RO 56.7 million, reflecting a 2.1 percent increase year-on-year.

The traded value of sale contracts rose by 2.9 percent, reaching RO 913.4 million for 56,259 contracts, marking a 2.1 percent increase in the number of contracts. Mortgage contracts saw a dramatic boost, with their traded value jumping 47.9 percent to RO 2.018 billion across 17,187 contracts. Meanwhile, exchange contracts totaled 1,135, valued at RO 11.7 million.

However, the total number of issued properties decreased by 3.3 percent to 191,871 by the end of October 2024. In contrast, properties issued to Gulf Cooperation Council (GCC) citizens saw an 8.3 percent rise, totaling 1,209 properties.