Real estate trading in Oman touched $1.5bln in 2022 first quarter

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Muscat: Real estate worth nearly OMR600 million was traded in the first quarter of 2022, according to a report issued by the Ministry of Housing and Urban Planning (MOHUP).

Furthermore, more than 60,000 title deeds were also issued during this timeframe. Of the OMR587.5 million worth of real estate traded, OMR284.5 million were mortgages, OMR 99.1 million accounted for sales contracts, and OMR3.9 million worth of swap contracts were executed.

The value of real estate traded decreased by 15 percent compared to the fourth quarter of 2021, when OMR691.2 million worth of transactions were recorded. Much of the real estate activity was concentrated in Muscat, which accounted for 45 percent of the total trading volume, followed by South Batinah (15.3 percent). The remaining trades were distributed among the rest of the governorates.

At wilayat level, it was Wilayat Seeb that accounted for most real estate mortgages at OMR44.4 million, while Wilayat Bousher led in terms of sales, at OMR75.6 million. The real estate bulletin released by MOHUP and published by Oman News Agency added that the value of the average real estate contract rose to reach OMR15,500 in this quarter, compared to OMR14,300 in the previous quarter. However, the average value of a mortgage contract declined from OMR60,300, down from OMR93,400.

More than 60,000 title deeds were issued in the first four months of 2022. At more than 12,000 deeds issued, the highest number of title deeds were in both Muscat and South Al Batinah. More than 10,000 deeds were issued in North Al Batinah, and more than 4,000 apiece in Ad Dhahirah and North Al Sharqiyah.

Nearly 2,800 deeds were sold in Dhofar, and more than 1,200 in Buraimi. Al Dakhiliyah accounted for more than 7,600 deeds, and South Al Sharqiyah for more than 3,500. Nearly 600 property deeds were issued in Musandam, and nearly 700 in Al Wusta. Furthermore, 212 properties were issued in the names of citizens from the Gulf Cooperation Council (GCC) countries.