(MENAFN- Muscat Daily) Muscat- Oman's real estate market is witnessing a continuous recovery this year with the value of property transactions showing robust growth in the first four months of 2018.
Total value of property transactions during January-April period rose 4.2 per cent to RO1.01bn compared to RO970.8mn for the same period of last year, according to the statistics released by the National Centre for Statistics and Information (NCSI).
Of the total traded value during the first four months, RO340.9mn worth of transactions were sales contracts, while RO664.6mn transactions were mortgage deals. As many as 21,504 sales contracts were executed in January-April period of 2018 against 21,658 deals for the same period of last year, the NCSI statistics showed.
However, total number of mortgage contracts dropped 22.3 per cent to 5,753 in the first four months of 2018 from 7,402 deals in the same period of last year.
The sultanate's government collected RO32.1mn by way of real estate transaction fees (stamp duty) during January-April period of this year, 10.5 per cent higher compared to the same period of last year.
As many as 82,709 plots were issued in the first four months of 2018 against 83,261 plots for the same period of last year, a marginal decrease of 0.7 per cent. Of the total, 560 plots were issued to GCC citizens during January-April period.
For the full year 2017, total value of property deals stood at RO2.6bn, the NCSI data showed. Of the total value, RO1.14bn worth of deals were sales contracts, while RO1.44bn transactions were mortgage contracts. As many as 225,468 plots were allocated last year, of which 1,211 plots were allocated to GCC citizens.
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