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Value of property transactions drop 19 per cent in January-July period

6 Sep 2020 By ONA

The total value of property transactions in the sultanate fell 18.8 per cent to RO1.21bn during the first seven months of 2020 from RO1.49bn recorded in the same period of 2019, according to the figures released by the National Centre for Statistics and Information (NCSI). 

The number of plots issued during the January–July period of this year stood at 92,929, a decline of 27.6 per cent compared to the same period a year ago when 128,336 plots were issued. 

Of the total traded value at the end of July 2020, RO442.9mn worth transactions were sales contracts, while RO719.8mn transactions were mortgage deals. 

As many as 26,878 sales contracts were executed in the first seven months of 2020 against 34,637 contracts during the same period of 2019. However, the total number of mortgage contracts fell by 31 per cent to 6,706 contracts against 9,714 contracts in 2019. 

Oman’s government collected RO35.7mn as real estate transaction fees at the end of July 2020, which is a drop of 30.4 per cent compared to the same period of 2019.

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