MUSCAT : The National Center for Statistics and Information (NCSI) reported a notable decrease in various aspects of the real estate market. Fees collected from all legal transactions amounted to RO 20.5 million, marking an 8% decline from the previous year.
Despite the overall downturn, sales contracts showed a positive trend. The traded value of sales contracts rose by 2.5% to RO 359.4 million across 21,385 sales contracts, a slight increase of 0.7% in the number of contracts compared to last year. This uptick highlights some resilience in the market’s sales segment.
In contrast, the value of mortgage contracts fell sharply by 33.2%, totalling RO 397.2 million from 6,482 contracts. Swap contracts also saw limited activity, with 465 contracts valued at RO 3.6 million.
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The total number of properties issued by April 2024 was approximately 72,181, reflecting a 5.5% decline from the previous year. Additionally, the issuance of properties to citizens from Gulf Cooperation Council (GCC) countries dropped by 4.2%, totalling 410 properties.
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