Oman- Traded value of property down 12% in six months: Ministry

The traded value of property in Oman stood at RO1.2bn till the end of June this year, registering a decrease of 12 per cent as compared to the same period in 2018.

According to the Ministry of Housing, 490 properties were issued to citizens of GCC states during the period, a decrease of 39.7 per cent compared to the same period last year.

Abdullah bin Salim al Mukhaini, secretary of the Real Estate Registry, at the Ministry of Housing, said that the value of traded contracts stood at RO1,250,671mn.

Mukhaini said that the number of sale contracts registered during the period reached 203,603. Of these maximum were registered in North Batinah (41,782), followed by Muscat (36,746), South Batinah (31,451), Dakhliyah (28,157), North Sharqiyah (17,272), South Sharqiyah (13,477), Dhahirah (13,397), Dhofar (8,687), Buraimi (6,966), Musandam (3,132) and Al Wusta (2,533).

The new plots registered for the first time during 2019 stood at 32,176 compared to 33,954 plots last year, a decline of five per cent. He added that the number of new plots registered for the first time for GCC citizens stood at 494 as compared to 815 title deeds last year, a drop of 39 per cent.

The number of sale contracts this year exceeded 29,439 worth more than RO486,908,000 compared to 30,042 sale contracts worth RO486,108,000 a fall of two per cent.

The collected fees from such transactions stood at more than RO21,424,000 compared to RO20,883,000 in 2018, a three per cent increase.

Mortgage contracts executed during 2019 stood at 8,141 worth more than RO751.73mn while the collected fees stood at more than RO5.69mn compared to 8,794 contracts worth more than RO919.90mn in 2018.

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