Oman Real Estate Sector records $6.8 Billion in Transactions
The Oman real estate industry witnessed substantial growth last year, with total sales and lease transactions reaching a significant milestone.
Both sales and leasing transactions in Oman's real estate market showed considerable gains in the previous year, indicating solid expansion. New figures from the National Centre for Statistics and Information (NCSI) show that by the end of December 2023, the total value of real estate transactions in the Sultanate of Oman had reached OR2.607 billion ($6.8 billion). This is a significant 6 percent increase compared to the same period in 2022, when it was OR2.459 billion ($6.39 billion).
Concurrently, the collected real estate transaction fees also saw a substantial rise, totaling OR64.9 million, reflecting a 4.2 percent increase from the figures recorded at the end of 2022.
Although there was a slight decrease in the value of sale contracts, which amounted to OR1.044 billion ($2.7 billion) with 65,649 contracts, representing drops of 7.7 percent in value and 4.3 percent in the number of contracts, the value of lease contracts surged significantly.
Lease contracts experienced an impressive 18.3 percent increase, reaching OR1.551 billion ($4.03 billion) with 22,774 contracts. Additionally, exchange agreements totaled 1,394, amounting to OR11.2 million ($29.1 million) in value.
By the end of 2023, the number of ownership deeds witnessed a modest increase, reaching 235,390, marking a slight uptick of 0.9 percent. Notably, there was a substantial surge in the issuance of ownership deeds to GCC citizens, which reached 1,316, representing a remarkable growth of 48.9 percent compared to previous periods.
The positive momentum in Oman's real estate sector reflects the resilience and attractiveness of the market, despite various economic challenges. The increase in transactions underscores growing investor confidence and the continued demand for properties in the Sultanate.
This growth also reflects the government's efforts to bolster the real estate sector through various initiatives and policies aimed at enhancing transparency, efficiency, and accessibility in the market. As Oman continues to attract investments and diversify its economy, the real estate sector is poised to play a pivotal role in driving economic growth and development in the years ahead.