Value of traded real estate contracts across Oman worth US$ 474 mn

Posted on 16th March 2018

Value of traded real estate contracts across Oman worth US$ 474 mn
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According to *Constructionweekonline news report, North Al Batinah registered a quarter more real estate contract sales than any other region of Oman last month.

Al Batinah North Governorate, which shares its northern border with an enclave of Dubai, recorded 1,122 real estate contract sales in February 2018, according to monthly data published by Oman’s Ministry of Housing.

This is approximately 25% above Muscat, which notched up 843 property contract sales during the same period.

Sales in Al Batinah South Governorate rank third, behind Muscat, with 813 contracts inked last month.

The Governorate of A'Dakhiliyah and the Governorate of North A'Sharqiyah came in fourth and fifth, registering contract sales of 432 and 390 respectively.

In sixth place was the Governorate of A'Dhahirah, with 294 real estate contract wins for February.

Oman’s three other governorates, Al Buraimi, Wusta, and Musandam, clocked up real estate contract sales of 147, 117, and 39 respectively.

The value of traded real estate contracts across the Sultanate was $474m (RO183million) last month. This is a 16% drop in value when compared to the $566m (OMR566m) reported in February 2017, suggesting property contract deals have cooled amid a low oil price.

While this may depict a gloomy picture, the volume of contract sales year-on-year has actually gone up. For the leading region, Al Batinah North, sales increased by 10% year-on-year, while Al Batinah South also saw a modest increase in contract wins.

The region that recorded the smallest number of sales, Musandam, registered a year-on-year increase of 56%, albeit from a low base.

Oman’s Ministry of Housing data comes from the country’s Real Estate Registry, which publishes stats on the housing market every month.

*News source: http://www.constructionweekonl...

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