The real estate sector in Oman experienced remarkable growth in 2024, with the value of transactions reaching OR3.1308 billion ($8.1 billion) by the end of November, marking a 28.1% increase compared to the same period in 2023.
Highlights of Real Estate Growth
- Sales Contracts:
- Traded value: OR1.0017 billion ($2.6 billion).
- Volume: 61,552 contracts, a 1.9% rise from 60,424 contracts in 2023.
- Mortgage Contracts:
- Traded value: OR2.1168 billion ($5.5 billion), up 44.8% from OR1.4622 billion ($3.8 billion) in 2023.
- Volume: 18,846 contracts, a decline of 12.2% compared to 21,461 in 2023.
- Barter Contracts:
- Traded value: OR12.4 million ($32 million), an 18.1% rise from OR10.5 million ($27 million) in 2023.
- Volume: 1,223 contracts, a 6.1% decrease from 1,302 in 2023.
Title Deeds and GCC Nationals
The total number of title deeds issued by November 2024 decreased by 3.4% to 210,483. However, title deeds issued to GCC nationals rose by 6.8%, with 1,325 issued compared to 1,241 in 2023.
Increased Fee Collection
Fees collected for legal transactions amounted to OR62.1 million ($161 million), representing a 2.6% increase over the same period in 2023.
Sector Outlook
The continued growth in Oman’s real estate transactions reflects the sector’s resilience and its appeal to both domestic and regional investors. The surge in mortgage and barter contract values highlights the increasing diversification within the market.
Oman’s robust real estate performance positions it as a competitive player in the GCC market, drawing attention from stakeholders looking to capitalize on its upward trajectory.
