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Mon 14 Dec 2015 11:05 AM

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Oman records $1bn in monthly real estate transactions

Many of the transactions were carried out by GCC nationals, with Emiratis accounting for the most

Oman records $1bn in monthly real estate transactions
(Getty Images)

More than $1 billion worth of real estate transactions were recorded in Oman in November, according to the Ministry of Housing.

A total of 36,616 transactions worth OMR395,434,390 ($1.023 billion) were conducted in the sultanate. It compares to more than $2 billion worth of transactions during the same month in Dubai, one of the most active markets in the region.

The transactions, which include sales, inheritance transfers, donations and mortgage redemptions earned the Omani government $11.85 million in fees, Abdallah Bin Salim Al Makhini, secretary of the Real Estate Registry at the Ministry of Housing, was quoted as saying by Oman Tribune.

More than 7,300 properties worth $535 million were sold during the month. Al Makhini said the Governorate of North Al Batinah saw the most real estate sales, with 1,454 contracts, followed by Muscat (1,316 contracts).

About 2,100 new mortgage contracts were signed during November worth $490.5 million.

Many of the transactions were carried out by GCC nationals, with Emiratis accounting for the most (83), followed by Kuwaitis (66), Qataris (15), Saudis (7) and Bahrainis (4).

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