Oman has seen an uptick in demand in the sultanate’s property market, with real estate deals exceeding OMR 2.6 billion ($6.7 billion) by the end of December 2023.

The value of transactions was up 6% from the OMR 2.459 billion recorded in the same period in 2022, the state-owned Oman News Agency reported on Thursday, citing data from the National Centre for Statistics and Information (NCSI).

However, the rental segment drove the growth in transactions, with the value of lease contracts rising by 18.3% to OMR 1.55 billion, while the value and number of sale contracts dropped by 7.7% and 4.3%, respectively.

The number of ownership deeds recorded by the end of 2023 reached 235,390, up by 0.9%. The number of ownership deeds granted to GCC citizens posted a significant growth of 48.9% to 1,316.

(Writing by Cleofe Maceda; editing by Seban Scaria)