Oman Real Estate Sees $540 Million Transaction Decline in January

Real estate transactions in Oman experienced a notable decline of 20.2 percent, amounting to OR207.8 million ($540 million) by January 2024, compared to OR260.5 million ($677 million) recorded during the same period in 2023, as per the latest figures unveiled by the National Centre for Statistics and Information (NCSI).

According to the data, the total fees amassed for various legal proceedings reached OR6.6 million ($17.1 million) by January 2024, reflecting a notable uptick of 13.4 percent in comparison to the corresponding timeframe in 2023.

The value of sale contracts registered a decline of 14.7 percent, standing at OR101 million ($262.3 million) at the conclusion of January 2024. Conversely, the number of sale contracts witnessed a modest increase of 6.6 percent, totaling 6,124 contracts.

Meanwhile, the traded value of mortgage contracts exhibited a considerable decrease of 25.4 percent, plummeting to OR105.4 million ($274 million) as opposed to OR141.3 million ($367 million) reported during the equivalent period in 2023. The number of mortgage contracts also experienced a decline of 10.4 percent, amounting to 1,522 contracts.

Additionally, the issuance of ownership deeds dwindled by 4.7 percent, reaching 20,612 by January 2024. Similarly, the issuance of ownership deeds to citizens of Gulf Cooperation Council (GCC) countries observed a notable drop of 9.9 percent, totaling 100 deeds.

Moreover, the real estate sector in Oman faced a downturn in various aspects, including a decrease in the value of transactions, mortgage contracts, and ownership deeds issued, signaling a challenging landscape for the country's property market in the early months of 2024.

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