Oman property transactions fall by 14% in first five months of 2019

NCSI figures show $2.82bn worth of property transactions up to end of May 2019, down on $3.26bn in same period in 2018

The total value of property transactions in Oman in the first five months of 2019 fell by 14% to $2.82 billion from $3.26 billion registered for the same period last year.

According to statistics issued by the National Centre for Statistics and Information (NCSI), the number of properties issued till the end of May 2019 stood at 94,171, down 8.8% from the end of May 2018, when 103,211 properties were issued.

Of the total traded value for the five-month period, $1.08 billion worth of contracts were sales contracts, while $1.72 billion worth of transactions were mortgage deals, a report from Oman Observer added.

In May 2019, 25,322 sales contracts were executed in May, against 26,894 contracts during the same period in 2018, it added. However, the total number of mortgage contracts fell by 7.4% to reach 6,875 contracts against 7,423 contracts, it said.

The report said that Oman’s government collected $98.9 million in real estate transaction fees till the end of May 2019, which represented a 5.8% drop in earnings as compared to the same period in 2018, according to data.

Furthermore, the number of properties allocated to GCC citizens fell by  41.6% to reach 433 properties compared to 742 properties during the same period of 2018, it added.

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