Muscat, Oman – Oman’s real estate sector experienced a noticeable decline in activity in March 2024, according to statistics released by the National Centre for Statistics and Information (NCSI). The total value of real estate transactions dropped by 19.5% compared to March 2023, reaching OMR587.50 million (approx. USD 1.5 billion) down from OMR730.10 million (approx. USD 1.9 billion).
The report also indicated a decrease in revenue generated from legal transactions associated with real estate. Fees collected fell by 10.3% to OMR16.5 million (approx. USD 43.3 million) at the end of March 2024.
A closer look at the data reveals a decline in various segments of the market. The traded value of mortgage contracts witnessed a significant drop of 30.8%, reaching OMR299.80 million (approx. USD 786 million) across 4,858 contracts.
Sales contracts, however, showed a different trend. The total value of sales contracts amounted to OMR284.90 million (approx. USD 748 million), reflecting a slight increase of 3.3% compared to March 2023. However, the number of sales contracts might have decreased as the total value went up.
The NCSI report also highlighted a decrease in property issuance. A total of 57,167 properties were issued by the end of March 2024, representing a 6.9% decline year-on-year. Properties issued to citizens of Gulf Cooperation Council (GCC) countries also saw a slight decrease of 1.2%, with 323 properties issued in March 2024.
These statistics suggest a potential slowdown in Oman’s real estate market. The reasons behind this decline are not mentioned in the report, but further analysis may be needed to understand the factors contributing to this trend.
