Muscat – The value of real estate transactions in Oman saw a significant rise of 29.6% in 2024, reaching RO3.38bn compared to RO2.61bn in 2023, according to preliminary data from the National Centre for Statistics and Information (NCSI).

The fees collected for real estate transactions amounted to RO69mn, reflecting a 6.4% increase from December 2023. The value of sales contracts rose by 4.8% to RO1.09bn, with 13,668 contracts registered, marking a 3.8% growth in volume.

Mortgage contracts experienced the most substantial growth, with their value surging by 46.4% to RO2.27bn across 20,680 contracts. Exchange contracts also saw activity, totalling 1,325 with a combined value of RO13.1mn.

Foreign investment has been a major driver of this growth, contributing 70% of total investments in the sector till September in 2024, according to the Ministry of Housing and Urban Planning.

Property titles issued by the end of December 2024 stood at 233,345, a slight decline of 0.9%. However, titles issued to Gulf Cooperation Council nationals increased by 10%, reaching 1,447.

The steady growth in Oman’s real estate sector reflects rising investor confidence, bolstered by economic development and policies aimed at creating an investment-friendly environment.

Two flagship projects are leading the transformation of Oman’s real estate landscape: Sultan Haitham City and Al Khuwair Downtown. Sultan Haitham City is envisioned as a sustainable urban development that blends modern design with green initiatives. It will feature integrated residential neighbourhoods, commercial spaces, and community-focused amenities. Investors have opportunities to contribute to key facilities such as private schools, hospitals, and sports centres.

Al Khuwair Downtown, designed by the world-renowned Zaha Hadid Architects, is set to become a vibrant urban hub. Combining commercial, cultural, and entertainment spaces with a waterfront location, the development aims to attract investments in retail, hospitality, and leisure, making it a dynamic centre for residents and tourists alike.

Oman’s participation in Cityscape Global 2024, held in Riyadh in November, showcased its real estate potential on an international stage. The event highlighted Oman’s alignment with its Vision 2040 goals, which focus on sustainable and inclusive growth, improved social and economic conditions, and adherence to global standards.

A ministry official said the legislative framework, which allows 100% foreign ownership of certain properties and projects, has further boosted investor confidence.

© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).