Oman’s real estate market reached $3.67 billion in the first half of 2024
In the first half of 2024, the Oman real estate market reached RO1.41 billion (equivalent to $3.67 billion), marking a 0.5% increase compared to RO1.4 billion (equivalent to $3.60 billion) in the same period of 2023. This modest growth reflects the market’s resilience, despite fluctuations in certain areas.
According to data released by the National Centre for Statistics and Information, the fees collected from real estate transactions amounted to RO32.3 million (equivalent to $84.3 million), a 3.5% decrease from RO33.4 million (equivalent to $87.8 million) collected during the same period last year. Additionally, the value of sale contracts stood at RO545.6 million (equivalent to $1.42 billion) for 32,596 contracts, showing a slight 0.9% decrease compared to the previous year.
The following table illustrates the status of the real estate market in H1 2024:
| Indicator | Amount | Change Compared to Last Year |
|---|---|---|
| Total Transaction Value | RO1.41 billion ($3.67 billion) | 0.5% increase |
| Fees Collected | RO32.3 million ($84.3 million) | 3.5% decrease |
| Value of Sale Contracts | RO545.6 million ($1.42 billion) | 0.9% decrease |
| Value of Mortgage Contracts | RO856.7 million ($2.23 billion) | 0.5% increase |
| Number of Swap Contracts | 671 contracts | 52% increase |
| Number of Properties Registered | 109,666 properties | 7% decrease |
| Number of Properties Registered by GCC Citizens | 666 properties | 5.2% increase |
The value of mortgage contracts saw a 0.5% increase to RO856.7 million (equivalent to $2.23 billion) for 10,028 contracts, compared to RO852.1 million (equivalent to $2.21 billion) in H1 2023. The number of swap contracts increased significantly by 52% to 671 contracts with a value of RO7.3 million (equivalent to $19.0 million).
The number of registered properties decreased from 117,870 in H1 2023 to 109,666 in H1 2024, representing a 7% decrease. Conversely, the number of properties registered to GCC citizens increased by 5.2% to 666 properties.
These figures indicate a mixed performance in Oman’s real estate market, with some areas experiencing growth while others are contracting. Overall, te market remains resilient, supported by ongoing transactions and the steady interest of GCC citizens.
Source: Oman’s real estate market reached $3.67 billion in the first half of 2024 (muscatdaily.com)
