Decline in real estate transactions in Oman

.The value of real estate traded in the Sultanate during the first half of 2017 has decreased by 69.9 per cent compared to the corresponding period last year, latest NCSI figures reveal. 

The NCSI in its monthly statistics said that the value of real estate traded in the Sultanate during the first half of this year stood at more than OMR1.420 billion against more than OMR4.712 billion during the same period last year.

The decrease is ascribed to the fall in the value of mortgage contracts by 80.7 per cent (OMR797.700 million compared to more than OMR4.138 billion during the same period last year.

The number of mortgage contacts registered amounted to 10,540 contracts against 13,084 contracts during the first half of 2016, a decrease of 19. 4 per cent.

The NSCI added that the Ministry of Housing has issued during the first half of 2017 115,910 title deeds against 130,522 during the same period 2017, a fall of 11. 2 per cent.

Title deeds of real estate issued for GCC citizens stood at 590 during the first half of 2017 against 1,069 title deeds issued during the corresponding period, last year, the majority of which in Dhofar, Muscat and North Al Batinah Governorates.