Oman real estate contracts traded in Aug 2020 peaked $820.9m

By Construction Week Online -Ranju Warrier19 Sep 2020

The total value of sales contracts amounted to more than $176.2m through 5,582 transactions across the Sultanate

by Ranju Warrier19 Sep 2020

In August 2020, the value of real estate contracts traded in Oman reached $820.9m (OMR316.2m), with fees collected having reached $14.6m (OMR5.6m), Dr. Ali bin Azan Al Hashmi, secretary of the Real Estate Registry at the Ministry of Housing and Urban Planning revealed.

Al Hashmi said that the total real estate activity accounted to26,470 legal actions taken during the same period, which included sales, gift, inheritance, swap, mortgage, mortgage redemption, division, and usufruct actions in addition to visas, the Oman News Agency, reported. 

The total value of sales contracts amounted to more than $176.2m (OMR67.8m) through 5,582 sales transaction being carried out across governorates, whilst fees

collected for the sales was more than $8.2m (OMR3.14m).

The governorate of North Al-Batinah recorded the highest percentage in sales transactions compared to the rest of the governorates in the Sultanate in August with 1,067 sales transactions.

Governorate of South Al-Batinah came after with 1,007 sales transactions, followed by Al-Dakhiliya with 937; Muscat with 736; Al Sharqiyah South Governorate with 435; and North Al Sharqiyah Governorate with 362.

Meanwhile, Al Dhahirah recorded 324 sales transactions, followed by Dhofar Governorate with 310; Al Wusta Governorate with 210; Buraimi governorate with 171; and Musandam with 23.

Al Hashmi added that the total value of the mortgage contracts amounted to more than $637.4m (OMR245.4m) through 1,284 contracts. While the fees collected for the mortgage amounted to more than one $5m (OMR1.9m).

The highest percentage of mortgage transactions were carried out in Muscat topping 340; followed by the North Al-Batinah with 255; South Al-Batinah with 228; Al-Dakhiliyah with 183; Al-Sharqiyah South with 66; North Sharqiyah with 55;

Dhofar with 54; Buraimi with 19; Musandam with 13; and Central Governorate with seven.

Al-Hashami said that in August 16,159 title deeds were issued, including the properties issued to the children of the Gulf Cooperation Council (GCC) countries.

He mentioned that the total number of properties issued to the children of GCC countries in places where non-Omani ownership is not prohibited according to the controls of real estate ownership in the Sultanate accounted to eight.

The number of new plots registered for the first time in August reached 2,073 plots of land, including 1,603 plots of land for residential use, 51 plots of land for commercial residential use, 26 plots of land for commercial use, and 351 plots of land for agricultural use, and 12 plots of land for government use.