Oman's nine-month property deals up 55% to $5.9bn

New report shows traded value of mortgage contracts also rises by 41% from January to September

The traded value of property in Oman witnessed a significant growth of 55.7 percent by the end of September 2014, reaching OR2.3bn ($5.9bn) compared with OR1.5bn in same period of 2013.

During the same period, the amount of fees collected on all property transactions reached OR31.7m, compared with OR19.6m in 2013, representing an increase of 61.7 percent.

A recently released 'Real Estate Activity' report issued by the National Centre for Statistics and Information (NCSI) reveals that the total value of real estate sales contracts in Oman as of the end of September 2014 stood at OR936m, compared with OR512m recorded during the same period in 2013, registering an increase of 82.6 percent.

The volume of sales contracts registered by the end of September 2014 numbered 63,317 compared with 53,513 registered during the same period in 2013, increasing by 18.3 percent.

Meanwhile, the traded value of mortgage contracts totalled OR1.3bn by the end of September 2014 compared with the total of OR937.3m for the same period in 2013, representing an increase of 41.3 percent.

The volume of mortgage contracts registered during the same period totalled 14,886 compared with 10,993 registered during the same period in 2013, increasing by 35.4 percent.

During the same period, the traded value of barter contracts increased by 14.5 percent, with OR8.7m recorded by the end of September 2014 compared with OR7.6m during the same period in 2013.

However, the number of registered barter contracts declined of 18.3 percent, standing at 908 by the end of September 2014 compared with 1,111 barter registered during the same period in 2013.

The report also reveals that property title deeds issued by the end of September 2014 reached 170,688 compared with 156,649 issued during the same period in 2013, reflecting an increase of 9 percent.

Property title deeds for GCC citizens totalled 2,457 by the end of September 2014, increasing by 3.8 percent when compared with 2,368 issued during the same period in 2013.

Arabian Business: why we're going behind a paywall

For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.

Staff writer