Oman’s real estate transactions drop 19.5% in May

The total value of real estate transactions in Oman until the end of May 2020 fell 19.5 percent to OMR878.9 million from OMR1.091 billion last year, as indicated by the preliminary statistics issued by National Centre for Statistics and Information (NCSI).

The number of plots issued until the end of May 2020 was 58,362, which is a decline of 38 percent from the end of May 2019, when 94,171 plots were issued, Times of Oman reported on Monday.

Of the total traded value until the end of May 2020, OMR283.7 million worth transactions were sales contracts, while OMR586 million transactions were mortgage deals.

As many as 15,949 sales contracts were executed in the end of May 2020 against 25,322 contracts during the same period of 2019. However, the total number of mortgage contracts fell by 39.7 per cent to reach 4,146 contracts against 6,875 contracts in 2019.

The Sultanate’s government collected OMR22.5 million as real estate transaction fees until the end of May 2020, which is a drop of 40.8 per cent compared to the same period of 2019.

NCSI data reveal a significant fall in traded value of exchange (barter) contracts by 8.4 per cent in the end of May 2020 period to OMR9.2 million, as against OMR10 million posted in the comparable period of 2019.

The number of barter contracts witnessed a fall of 31.5 per cent to a total of 502, compared to 733 contracts in 2019.

The number of plots allocated to GCC citizens fell by 61.4 per cent to reach 167 plots compared to 433 plots during the same period of 2019, the data showed.