Oman’s real estate sector transactions reach OMR269mn in two weeks

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Oman’s total value of real estate sector transactions reached OMR269mn in the 15 days of July and August. The traded value of property was recorded as being at OMR 135mn.

A Ministry of Housing statement added that for the period of July 14-18, the traded value of property was around OMR52mn with sale transactions going over OMR15mn and mortgage transactions recording about OMR36mn.

READ: Oman’s Real Estate, Boom or Bust?

The traded value of property for the period of July 21-25 was over OMR29mn, sale transactions recorded nearly OMR11mn and over OMR18mn for mortgage transactions. From July 28 to August 1, the traded value of property was nearly RO54mn, sale transactions at more than RO17mn and over RO37mn for mortgage transactions. North and South Batinah governorates recorded highest sales transactions during that period.

Traded value of property registered a decline of 12% with its value recording a OMR1.2bn till end of June this year as compared to the same period in 2018.

Meanwhile, an Oxford Business Group report for the country stated, “Positive forecasts for the real estate market are supported by Oman’s broader economic recovery, and the IMF projects that national GDP will expand by 1.9% in 2018 and 5% in 2019.

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