Surge in Real Estate Trading in Oman: What the RO 587.5 Million Boom Means for Investors and Entrepreneurs
MUSCAT: As of the end of March 2024, the total value of real estate transactions in the Sultanate of Oman reached RO 587.5 million, reflecting a 19.5% decline from RO 730.1 million during the same period in 2023.
According to statistics released by the National Centre for Statistics and Information, the fees collected from all legal transactions totaled RO 16.5 million, marking a 10.3% decrease compared to March 2023. The value of sales contracts stood at RO 284.9 million, associated with 16,877 contracts. This figure represents a 3.3% increase in value, although the number of contracts saw a 1.8% decline.
In contrast, the value of mortgage contracts fell by 30.8%, amounting to RO 299.8 million across 4,858 contracts. Additionally, the number of swap contracts reached 383, with a total value of RO 2.8 million.
At the end of March 2024, a total of 57,167 properties were issued, which is a 6.9% decrease. Among these, 323 properties were issued to citizens of Gulf Cooperation Council countries, representing a 1.2% decline. — ONA
Special Analysis by Omanet | Navigate Oman’s Market
Oman’s real estate sector is facing significant challenges, with total trading values down 19.5%, reflecting cautious investment sentiment. This decline presents risk for current stakeholders but also opportunities for savvy investors to acquire undervalued assets. Entrepreneurs should consider strategic investments in emerging markets or segments, particularly in light of the 3.3% increase in sales contract value amidst declining transaction numbers.
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