Credit By: Arabian Daily News
The Sultanate of Oman’s real estate market experienced a decline in total trading value, reaching OMR394.90 million by February 2024, an 11.7 percent decrease compared to the same period in 2023. Preliminary statistics from the National Centre for Statistics and Information (NCSI) provide insights into the market’s dynamics.
Decrease in Trading Value
The total value of real estate transactions, including sales contracts, mortgage contracts, and swap contracts, saw a notable decrease. Sales contracts accounted for OMR196.2 million in 11,543 transactions, indicating a decline in trading value. Similarly, mortgage contracts decreased by 17.5 percent to OMR196.50 million from 2,989 contracts. Swap contracts, totaling 299 contracts, amounted to OMR2.2 million.
Fees and Legal Transactions
Fees collected for all legal transactions reached OMR11.6 million by the end of February 2024, reflecting a decrease of 7.2 percent compared to the same period in 2023. These figures suggest a slowdown in real estate activity in Oman, potentially influenced by various economic factors and market conditions.
Property Issuance Trends
Despite the decline in trading value, the number of properties issued slightly increased, rising by 0.8 percent to 39,378 properties by February 2024. Additionally, properties issued to citizens of the Gulf Cooperation Council (GCC) countries experienced a modest uptick, reaching 212 properties, indicating ongoing interest from regional investors.
Monitoring Market Dynamics
The fluctuations in Oman’s real estate trading value underscore the importance of closely monitoring market dynamics and adapting strategies accordingly. Economic factors, regulatory changes, and regional influences can impact the real estate sector’s performance. Continued analysis and strategic planning are essential for stakeholders to navigate challenges and seize opportunities in Oman’s evolving real estate landscape.
Follow ARP Media for more informative blogs.
best online pharmacy india https://indiaph24.store/# world pharmacy india
indian pharmacy online
buying prescription drugs in mexico online: Mexican Pharmacy Online – п»їbest mexican online pharmacies