Oman’s real estate trading exceeds $3.66bn in first half of 2024

Oman’s real estate sector saw a total trading value of 1.40 billion Omani rials ($3.63 billion) in the first half of the year, marking a 0.5 percent increase from the same period in 2023.

The data, released by the National Center for Statistics and Information, revealed that fees collected for legal transactions totaled 32.3 million rials, a 3.5 percent decline year over year, according to the Oman News Agency.

The figures align with market forecasts, which estimate Oman’s residential real estate market will grow from $4.38 billion in 2024 to $6.80 billion by 2029, reflecting a compound annual growth rate of 9.19 percent, according to Mordor Intelligence, an Indian-based market intelligence and advisory firm.

It also aligns with a sustained increase in expatriate numbers since 2023, which has led to higher demand for rented accommodation throughout Muscat.

The data further showed that the total value of sales contracts reached 545.6 million rials across 32,596 contracts, although the number of contracts decreased by 0.9 percent compared to the previous year.

Mortgage contract values increased by 0.5 percent, totaling 856.7 million rials for 10,028 contracts from January to June.

Swap contracts saw a notable increase, with 671 deals valued at 7.3 million rials by the end of June, marking a 52 percent rise from the previous year. Meanwhile, the number of issued properties reached 109,666, a 7 percent decrease compared to the first half of 2023.

Properties issued to Gulf Cooperation Council citizens totaled 666, reflecting a 5.2 percent increase from the same period last year.

Earlier this month, preliminary data from the NCSI showed that Oman’s foreign assets had risen to 7.37 billion rials by the end of May, marking a 9 percent increase from the previous year. This rise indicates both economic growth and stability, reflecting a solid buildup of reserves that enhances Oman’s position in the global financial landscape.

Local liquidity also experienced a significant boost, reaching 23.7 billion rials, an 11.5 percent increase from the same period last year. The growth in liquidity points to a dynamic and expanding economic environment, with more funds actively circulating within the economy.