MUSCAT: The real estate market in Oman has exhibited significant growth until October 2023, according to a recent report by the National Center for Statistics and Information (NCSI).
The data reveals an 11.4 per cent rise in the trading value of properties, reaching RO 2.26 billion compared to the same period last year. One notable aspect highlighted in the report is the 5.6 per cent increase in legal transaction fees, indicating heightened activity in various legal dealings within the real estate sector.
Conversely, the trading value of sales contracts has seen a decrease of 5.5 per cent, pointing to a nuanced landscape in the market. Mortgage contracts, however, tell a different story, with a remarkable 26.6 per cent surge in their trading value, amounting to RO 1.36 billion.
This signals a growing preference for mortgage-based transactions, potentially driven by favorable market conditions and increasing confidence among investors. Furthermore, the report sheds light on the issuance of 1,116 title deeds for Oman. This issuance has experienced a substantial uptick of 61.5 per cent, showcasing a notable expansion in real estate holdings across the country.
The NCSI data provides valuable insights into the dynamics of the Oman real estate market, underlining both challenges and opportunities. As the region continues to evolve, stakeholders and investors would do well to take heed of these trends for informed decision-making in the ever-changing real estate landscape.
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