Oman Real Estate Market: Decline in Transaction Value in January 2024; Rental Sector Drives Growth
Introduction
The real estate market in the Sultanate of Oman has witnessed both surges and declines in recent times. According to the latest report released by the National Centre for Statistics and Information (NCSI), real estate transactions in Oman experienced a decline in value by January 2024. However, the rental sector emerged as a significant driver of growth, indicating shifting trends within Oman’s real estate landscape. In this blog post, we will delve into the details of Oman’s real estate market, highlighting the decline in transaction value and the flourishing rental sector.
Decline in Transaction Value
The NCSI report revealed that by the end of January 2024, the value of real estate transactions in Oman decreased by 20.2% to OMR207.8 million ($539.8 million). This decline was compared to the same period in 2023 when the value stood at OMR260.5 million ($676.71 million). The traded value of sale contracts specifically experienced a decrease of 14.7% to OMR101 million, while the traded value of mortgage contracts declined by 25.4% to OMR105.4 million.
Despite the decline in transaction value, it’s worth noting that the number of sale contracts increased by 6.6% to 6,124, indicating sustained activity in the market. Additionally, the number of mortgage contracts fell by 10.4% to 1,522 contracts. The number of ownership deeds issued also experienced a slight decrease of 4.7% to 20,612.
Rental Sector Driving Growth
While the sales segment witnessed fluctuations, the rental sector emerged as a prominent catalyst for growth in Oman’s real estate market. The NCSI report highlighted that lease contracts experienced a significant increase of 18.3%, amounting to OMR1.55 billion. This surge in rental transactions reflects the robust demand for residential and commercial properties in Oman.
Key Takeaways from the Report
Real estate transactions in Oman declined in value by January 2024, with a decrease of 20.2% compared to the previous year.
The traded value of sale contracts decreased by 14.7%, while the traded value of mortgage contracts declined by 25.4%.
The number of sale contracts increased by 6.6%, indicating sustained activity in the market.
The rental sector witnessed significant growth, with lease contracts rising by 18.3% to OMR1.55 billion.
The decline in transaction value highlights the need to closely monitor market dynamics and adapt strategies accordingly.
Conclusion
The real estate market in Oman experienced a decline in transaction value by January 2024. However, the rental sector emerged as a driving force behind the market’s growth, reflecting strong demand for residential and commercial properties. As the market evolves, stakeholders need to stay informed about the latest trends and adapt their strategies to capitalize on the opportunities presented by Oman’s real estate landscape.
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Oman Real Estate Market: Decline in Transaction Value in January 2024; Rental Sector Drives Growth
Introduction
The real estate market in the Sultanate of Oman has witnessed both surges and declines in recent times. According to the latest report released by the National Centre for Statistics and Information (NCSI), real estate transactions in Oman experienced a decline in value by January 2024. However, the rental sector emerged as a significant driver of growth, indicating shifting trends within Oman’s real estate landscape. In this blog post, we will delve into the details of Oman’s real estate market, highlighting the decline in transaction value and the flourishing rental sector.
The NCSI report revealed that by the end of January 2024, the value of real estate transactions in Oman decreased by 20.2% to OMR207.8 million ($539.8 million). This decline was compared to the same period in 2023 when the value stood at OMR260.5 million ($676.71 million). The traded value of sale contracts specifically experienced a decrease of 14.7% to OMR101 million, while the traded value of mortgage contracts declined by 25.4% to OMR105.4 million.
Despite the decline in transaction value, it’s worth noting that the number of sale contracts increased by 6.6% to 6,124, indicating sustained activity in the market. Additionally, the number of mortgage contracts fell by 10.4% to 1,522 contracts. The number of ownership deeds issued also experienced a slight decrease of 4.7% to 20,612.
Rental Sector Driving Growth
While the sales segment witnessed fluctuations, the rental sector emerged as a prominent catalyst for growth in Oman’s real estate market. The NCSI report highlighted that lease contracts experienced a significant increase of 18.3%, amounting to OMR1.55 billion. This surge in rental transactions reflects the robust demand for residential and commercial properties in Oman.
Key Takeaways from the Report
Conclusion
The real estate market in Oman experienced a decline in transaction value by January 2024. However, the rental sector emerged as a driving force behind the market’s growth, reflecting strong demand for residential and commercial properties. As the market evolves, stakeholders need to stay informed about the latest trends and adapt their strategies to capitalize on the opportunities presented by Oman’s real estate landscape.