real estate

11.4 per cent decline in real estate deals last year

February 11, 2021

The total value of property transactions in the Sultanate until the end of December 2020 decreased by 11.4 per cent to reach RO 2.45 billion, down from RO 2.77 billion for the same period of 2019, as indicated by the preliminary statistics issued by the National Centre for Statistics and information (NCSI).
The number of plots issued until the end of December 2020 was 204,484, down 3.2 per cent from the previous tally of 211,191 plots. Of the total traded value until the end of December 2020, RO 925.7 million worth transactions were sales contracts, while RO 1.46 billion transactions were mortgage deals. As many as 66,835 sales contracts were executed until the end of December 2020 against 56,887 contracts during the same period of 2019.
However, the total number of mortgage contracts fell by 7.2 per cent to reach 14,864 contracts against 16,017 contracts in 2019.
The Omani government collected RO 71.1 million as real estate transaction fees until the end of December 2020, which is a drop by 13.6 per cent compared to the same period of 2019.
NCSI data reveal a significant rise in the traded value of exchange (barter) contracts by 196.1 per cent at the end of December 2020 period to RO 69.0 million, as against RO 23.3 million posted in the comparable period of 2019.
The number of barter contracts witnessed a rise of 28.3 per cent to 2,106, compared to 1,641 contracts in 2019.

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