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)