Muscat – The value of real estate transactions in the sultanate increased six per cent to RO2.706bn in 2022, compared to RO2.552bn in 2021, according to the latest data released by the National Centre for Statistics and Information (NCSI).
Fees collected for legal transactions amounted to RO62.6mn at the end of December 2022, compared to the corresponding period of 2021, constituting a fall of 25.5 per cent.
The value of sale contracts dropped 4.8 per cent to RO1.131bn in 2022 compared to RO1.188bn in 2021. The number of sales contracts also went down 21 per cent to 68,616 compared to 86,856 in 2021.
The value of mortgage contracts rose 15.9 per cent to RO1.558bn in 2022 compared to RO1.344bn in 2021. The number of mortgage contracts increased 5.6 per cent to 1,989 compared to 1,882 in 2021.
The value of swap contracts dropped 15.6 per cent to RO16.1mn compared to 19mn in 2021. The number of swap contracts also decreased 25.5 per cent to 1,309 compared to 1,758 at the end of December 2021.
The number of title deeds issued in 2022 decreased seven per cent to 233,178.
The number of title deeds issued to citizens of GCC countries increased 6.6 per cent to 884 compared to 830 in 2021.Value of real estate deals rise 6% to RO2.7bn in 2022
MHUP offers 41 plots in four governorates for investment
The Ministry of Housing and Urban Planning (MHUP) is offering 41 plots of land via public auction in four governorates to develop the real estate sector and stimulate investments.
According to an official, the ministry will offer usufruct contracts for plots measuring between 150sqm to 2,000sqm through online auction.
The plots offered for investments are not restricted for any particular purpose and are located in areas with large population density.
Of the 41 plots, 17 are in Dakhliyah, 14 in Musandam, five in Dhofar and the remaining in Muscat.
Those interested in bidding must register through the Tatwir electronic platform using their ID or commercial register number.
The plots are being offered with the aim of supporting growth of GDP, boosting economic output through manufacturing, commercial and other industrial activities, fueling socioeconomic development and supporting the strategic goals of Oman Vision 2040.