Real estate market in the Sultanate continues to recover with sales showing a robust growth in the first quarter of 2018, compared to the same period of last year. It seems that the recent firm trend in oil prices and the recovery in economic activity is aiding a firm trend in real estate market as well.
As an indication of the market trend, the total value of property transactions in the Sultanate during January-March of 2018 increased by 6.8 per cent to RO776.3 million, from RO726.8 million for the same period of last year, according to the latest monthly statistics released by the National Centre for Statistics and Information (NCSI).
Of the total value in the first three months, RO257.5 million were sales contracts while RO514.1 million transactions were mortgage deals, added the NCSI report. As many as 16,045 sales contracts were executed in January-March period of 2018 against 16,140 deals for the same period of last year, noted the NSCI monthly report.
However, the total number of mortgage contracts declined by 26.8 per cent to 4,025 in the first three months of 2018, against 5,500 deals for the same period of last year. Fees collected from real estate transactions hit RO23.6 million during January-March period of 2018, up by 8.5 per cent compared to the same period of last year.
Also, 62,127 plots were allotted in the first three months of 2018, against 63,255 plots for the same period of last year; indicating a fall of 1.8 per cent. Of this, 401 plots were issued to GCC citizens during January-March period of 2018. In 2017, the total value of property deals stood at RO2609.4 million, the NCSI data showed.
Of the total value, RO1,140.4 million worth of deals were sales contracts while RO1,447.9 million transactions were mortgage contracts. As many as 225,468 plots were issued last year. Of this, 1,211 plots were issued to GCC citizens.