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Oman’s Real Estate Transactions Grow by 16%

Oman’s Real Estate Transactions Grow by 16%

Monday, 6 December, 2021 - 10:45
General view of old Muscat, Oman, January 12, 2020. REUTERS/Christopher Pike/File Photo

The total value of property transactions in the Sultanate of Oman at the end of October 2021 increased by 16.2 percent over the same period of 2020, according to data issued by the National Center for Statistics and Information (NCSI).


The government collected RO62.6 million as real estate transaction fees at the end of October 2021, which represents an increase of 8.2 percent over the same period last year.


The traded value of sales contracts also increased by 52.9 percent to reach RO189,300,000, and the number of sales contracts increased by 48.7 percent to 74,032 contracts, compared to 49,787 contracts during the same period in 2020.


Meanwhile, the traded value of mortgage contracts dropped by 0.9 percent at the end of October 2021 to reach RO1,197,400, compared to RO1,208,400 during the same period last year.


The number of mortgage contracts was 15,380 – an increase of 34.1 percent over the same period in 2020, which recorded 11,466 contracts.


NCSI data also showed a drop in traded value of exchange contracts by 9.74 percent at the end of October 2021 to RO 15.2 million, against RO 60.6 million in the same period last year.


The number of title deeds issued at the end of October 2021 was 210,858, an increase of 37.7 percent over the same period of 2020, in which 15,398 title deeds were issued.


The number of title deeds issued for GCC citizens increased by 112.9 percent to 594, compared to 279 issued during the same period in 2020.


Oman is a relatively small oil producer, and is more sensitive to the fluctuations in crude prices than its oil and gas-rich Gulf neighbors. The country was severely affected by the price collapse in 2020, and in light of the Covid-19 pandemic.


Standard & Poor’s said in October that it revised its outlook on the Sultanate of Oman to positive from stable due to higher oil prices and its financial reform plans that are expected to reduce the government deficit and slow the rise in debt levels over the next three years.


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