Construction

Oman sees real estate deals hit $1.63bn in first two months of 2020

Number of plots issued till end of February was down by 5.7% compared to same period in 2019

The total value of property transactions in Oman during the first two months of the year surged by 24% to hit $1.63 billion, from $1.3 billion for the same period last year, statistics issued by the National Centre for Statistics and Information (NCSI) have shown.

However, according to a report by Oman News Agency, citing the statistics from NCSI, the number of plots issued till February was 36,523, down by 5.7% compared to the same time in 2019. Of the total traded value till February, $430.1 million worth of transactions were sales contracts, while $1.18 billion worth of transactions were mortgage deals.

As many as 9,706 sales contracts were executed in February against 10,496 contracts during the same period last year. However, the total number of mortgage contracts fell by 3.1% to reach 2,435 contracts as compared to 2,514 contracts in 2019, the ONA report said.

The Sultanate’s government had collected $35.3 million in real estate transaction fees till the end of February, which is a 12% drop compared to the same period in 2019, it concluded.

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