Oman’s Real Estate Market Surges by 29.6% in 2024
📌 Oman’s real estate sector witnessed a significant 29.6% growth, reaching OMR 3.37 billion (~$8.75 billion) by the end of December 2024.
According to preliminary statistics from the National Centre for Statistics and Information (NCSI), the total value of real estate transactions in the Sultanate of Oman reached OMR 3.37 billion (~$8.75 billion) by December 2024, compared to OMR 2.60 billion (~$6.75 billion) in the same period of 2023, marking a 29.6% increase.
Total Real Estate Transactions in 2024
| Category | Value (OMR) | Equivalent (USD) | Change from 2023 |
|---|---|---|---|
| Total Real Estate Transactions | 3.37 billion | 8.75 billion | 🔼 29.6% |
| Revenue from Legal Transaction Fees | 69 million | 179 million | 🔼 6.4% |
Growth in Property Sales Transactions
The total value of property sales contracts reached OMR 1.094 billion (~$2.84 billion) by the end of November 2024, reflecting a 4.8% increase. The total number of sales contracts reached 13,668 transactions, showing a 3.8% rise compared to 2023.
| Transaction Type | Number of Deals | Value (OMR) | Equivalent (USD) | Change (%) |
|---|---|---|---|---|
| Property Sales | 13,668 | 1.094 billion | 2.84 billion | 🔼 4.8% |
Significant Increase in Mortgage Transactions
The value of mortgage contracts increased 46.4%, reaching OMR 2.271 billion (~$5.9 billion), covering 20,680 contracts.
| Transaction Type | Number of Deals | Value (OMR) | Equivalent (USD) | Change (%) |
|---|---|---|---|---|
| Mortgage Contracts | 20,680 | 2.271 billion | 5.9 billion | 🔼 46.4% |
Land Title Deeds Issued in Oman
- 📌 The total number of title deeds issued by the end of December 2024 was 233,345, reflecting a 0.9% decrease.
- 📌 The number of title deeds issued for GCC citizens increased 10%, reaching 1,447 titles.
| Type of Title Deed | Number of Deeds | Change (%) |
|---|---|---|
| Total Title Deeds Issued | 233,345 | 🔽 0.9% |
| Title Deeds Issued for GCC Citizens | 1,447 | 🔼 10% |
Oman’s Real Estate Market Outlook
- ✅ The steady rise in Oman’s real estate market indicates growing investment opportunities and increasing demand for property transactions.
- ✅ This growth is expected to boost the housing sector and attract foreign investors to Oman’s real estate market.
Source:
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