Oman’s Real Estate Trading Hits RO 3.38 Billion in 2024: Key Opportunities and Challenges for Investors and Business Owners
MUSCAT: The total value of real estate transactions in Oman amounted to approximately RO 3.38 billion in 2024, according to the annual statistical report published by the National Centre for Statistics and Information.
Muscat Governorate topped the market with trading values around RO 1.25 billion, followed by Al Batinah North at RO 877.8 million. Al Dakhiliyah and Al Batinah South recorded RO 380.7 million and RO 359.4 million, respectively. Other governorates reported the following values: Dhofar RO 216.7 million, Al Sharqiyah South RO 74.4 million, Al Dhahirah RO 72.5 million, Al Sharqiyah North RO 66.5 million, Al Buraimi RO 49.6 million, Al Wusta RO 15.7 million, and Musandam RO 12.1 million.
In building activity, the total number of building permits issued in 2024, encompassing both new and renewed permits, reached 36,517, reflecting a 16.4% decrease from 2023’s 43,701 permits.
Al Batinah North led in permit issuance with 6,664 permits, followed closely by Al Batinah South (6,478), Muscat (6,236), and Al Dakhiliyah (5,313). Other governorates’ permits were: Al Sharqiyah North (2,853), Al Sharqiyah South (2,793), Dhofar (2,610), Al Dhahirah (2,072), Al Buraimi (609), Musandam (558), and Al Wusta (331).
Conversely, building completion certificates rose sharply by 41%, reaching 23,743 in 2024 compared to 16,834 in 2023. Al Batinah North again led with 5,458 certificates, followed by Al Batinah South (4,289), Muscat (3,548), and Al Dakhiliyah (3,142). The remaining certificates were distributed as follows: Al Sharqiyah North (1,787), Al Sharqiyah South (1,774), Al Dhahirah (1,447), Dhofar (1,430), Al Buraimi (441), Musandam (279), and Al Wusta (148).
Residential permits dominated building permits with a total of 28,789, followed by agricultural permits at 2,361, combined residential and commercial permits at 1,903, and governmental permits totaling 1,636. Additionally, there were 971 industrial permits, 474 commercial permits, 224 for other uses, 87 tourist permits, 56 permits for places of worship, and 16 educational permits granted.
These statistics emphasize Muscat and Al Batinah North as the most dynamic governorates in Oman’s real estate sector, characterized by high transaction values and considerable building activity, while other regions displayed more moderate activity levels in both trading and construction.
– ONA
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Oman’s real estate sector shows robust trading values, especially in Muscat and Al Batinah North, signaling strong demand in key urban hubs. However, the 16.4% drop in building permits alongside a 41% surge in completion certificates suggests a market shift from new developments to project finalizations, presenting both opportunities for investors to capitalize on completed assets and risks for developers relying on new construction momentum. Smart investors should focus on completed property acquisitions and monitor shifts in regional activity to optimize portfolios amid evolving market dynamics.
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