Muscat: According to data released by the National Center for Statistics and Information, the total value of real estate trading in Oman stood at RO 394 million and 900 thousand by the end of February 2024. This figure represents a significant decrease of 11.7% from the RO 447 million and 300 thousand recorded during the corresponding period in 2023.

The report further indicates that fees collected from all legal transactions declined by 7.2%, amounting to RO 11.6 million, compared to the previous year. Notably, the traded value of sales contracts also experienced a downturn, totalling RO 196.2 million for 11,543 contracts, reflecting a 5.4% decrease in value. However, the number of sales contracts increased slightly by 6.6%.

Similarly, the traded value of mortgage contracts saw a notable decline of 17.5%, reaching RO 196 million and 500 thousand across 2,989 contracts. Meanwhile, swap contracts totalled 299, with a combined worth of RO 2.2 million.

Regarding property issuance, the data reveals that the number of properties issued by the end of February 2024 increased by 0.8% to approximately 39,378 properties. Additionally, properties issued to citizens of the Gulf Cooperation Council (GCC) countries also saw a slight uptick, reaching 212 properties with a 1% increase.