Muscat – Real estate transactions in Buraimi increased in the first half of 2023, valued at an impressive RO19.871mn. This marked a 38% uptick compared to RO14.384mn recorded in the corresponding period of 2022.
Data released by the Directorate General of Housing and Urban Planning in the governorate showed that legal transaction fees by the end of June 2023 reached RO270,000. This was 21.2% more from RO222,000 collected in the same period of 2022.
The value of sales contracts saw growth of 0.73%, amounting to RO6.547mn by June 2023, in comparison to RO6.499mn last year. However, there was a drop in the number of such contracts by 11.5%, totalling 784 in 2023 against 886 the prior year.
Mortgage contracts witnessed robust growth. The traded value for these went up 70% to RO13.285mn, from RO7.798mn in June 2022. The number of mortgage contracts also rose 22.2%. There were 231 contracts by June 2023, compared to 189 in the same period of 2022.
Haider Abdulhadi al Lawati, Director General in the Directorate of Housing and Urban Planning in Buraimi, informed that the ministry sanctioned financial backing for 91 housing aid applications in the governorate until June 2023 worth RO2.5mn.
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