Oman’s Real Estate Market Value Reaches $7.64 Billion in 2024

According to the National Center for Statistics and Information, Oman’s real estate market recorded significant growth, with the total value of transactions reaching $7.64 billion (OMR 2.94 billion) by the end of October 2024. This represents a 30.1% increase compared to $5.87 billion (OMR 2.26 billion) during the same period in 2023.

Key Highlights of Oman’s Real Estate Performance

• Transaction Fees: Increased by 2.1% to approximately $147.4 million (OMR 56.7 million)
• Sale Contracts: 56,259 transactions recorded, valued at $2.37 billion (OMR 913.4 million), up by 2.9%
• Mortgage Contracts: Experienced a remarkable 47.9% growth, reaching $5.25 billion (OMR 2.02 billion)

Challenges and Positives

• Property Titles Issued: Declined by 3.3% to 191,871 titles
• GCC Nationals’ Registrations: Increased by 8.3% to 1,209 registrations

Conclusion

The significant growth in transaction value and the rising demand for mortgage contracts highlight the strength and appeal of Oman’s real estate market, despite the challenge of declining property title issuances.