In the first half of this year, the overall transaction value of Oman’s real estate sector was 1.40 billion Omani rials ($3.63 billion), which represents a 0.5 percent rise over the same period in 2023.
According to the Oman News Agency, the National Center for Statistics and Information issued data showing that fees received for legal transactions were 32.3 million rials, a 3.5 percent decrease from the previous year.
The numbers are in line with market projections, which state that, according to Mordor Intelligence, an Indian market research and advisory company, Oman’s residential real estate market will expand from $4.38 billion in 2024 to $6.80 billion by 2029, representing a compound annual growth rate of 9.19 percent.
It also corresponds with a consistent rise in the number of expatriates since 2023, which has raised demand for rental housing in Muscat.
The information also revealed that, despite a 0.9 percent decline in contracts from the prior year, the overall value of sales contracts reached 545.6 million rials across 32,596 contracts.
From January to June, 10,028 mortgage contracts had a total value of 856.7 million rials, a 0.5 percent rise in value.
By the end of June, there were 671 swap contracts valued at 7.3 million rials, a 52 percent increase over the same period last year. In the meantime, there were 109,666 granted properties, which is 7% fewer than in the first half of 2023.
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