Thursday, Jul 9, 2020
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Real Estate deals in Oman fall by 30.6% in January 2020

Real estate deals in Oman
The number of plots issued also falls by 14.7%

Real estate deals signed in the Sultanate of Oman dropped by 30.6 percent during the month of January 2020, according to media reports.

Real estate deals worth OMR167.3 million were completed in the month of January, compared to OMR241 million during the same period in 2019.

The number of plots issued also dropped by 14.7 percent.

By the end of January 2020, the number of plots issued for real estate projects in Oman stood at 17464, whereas, around 20511 plots were issued during the same period in 2019.

Around 4,595 sales contracts were signed in the month of January 2020 against 5,599 contracts during the same period last year. However, the total number of mortgage contracts fell by 9.8 percent to reach 1,087 contracts against 1,205 contracts in 2019.

Real estate transaction fees collected by Oman’s government in January 2020 also dropped by 19.2 percent when compared to January 2019. The Sultanate’s government collected real estate transaction fees of around OMR6.6 million in January 2020.

Oman’s Ministry of Housing has revealed that the value of real estate activity in the governorates of Northern Al Batinah, Musandam, Al Buraimi, and Dhofar rose to more than OMR274 million in February 2020.

Around OMR2.3 million was collected as real estate transaction fees during the period.

According to Oman’s National Center for Statistics and Information, total value of traded real estate activity in Oman reached OMR2.771 billion at the end of December 2019, which is a 4.9 percent increase when compared to the OMR2.641 billion in the previous year.

Around 211,200 properties were issued in 2019, which is a 5.5 percent decrease from the 223,492 properties issued in 2018.

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