In the first half of this year, the overall transaction value of Oman’s real estate sector was 1.40 billion Omani rials (USD 3.63 billion), which represents a 0.5% rise over the same period in 2023.
According to the Oman News Agency, the National Centre for Statistics and Information issued data showing that fees received for legal transactions were 32.3 million rials, a 3.5% decrease from the previous year.
The numbers are in line with market projections, which state that, according to Mordor Intelligence, an Indian market research and advisory company, Oman’s residential real estate market will expand from USD 4.38 billion in 2024 to USD 6.80 billion by 2029, representing a compound annual growth rate of 9.19%.
It also corresponds with a consistent rise in the number of expatriates since 2023, which has raised the demand for rental housing in Muscat.
The information also revealed that, despite a 0.9% decline in contracts from the prior year, the overall value of sales contracts reached 545.6 million rials across 32,596 contracts.
From January to June, 10,028 mortgage contracts had a total value of 856.7 million rials, a 0.5% rise in value.
With 671 trades valued at 7.3 million rials at the end of June, swap contracts showed a significant increase, a 52% increase over the previous year. In the meantime, there were 109,666 granted properties, which is 7% fewer than in the first half of 2023.
The total number of properties awarded to inhabitants of the Gulf Cooperation Council was 666, a rise of 5.2% over the same time in 2023.
Oman’s foreign assets increased to 7.37 billion rials by the end of May, according to preliminary figures released earlier this month by the NCSI. This is a 9% gain from the same period in 2023. This increase shows steady economic growth as well as a strong reserve accumulation that strengthens Oman’s standing in the world financial system.
Local liquidity saw a notable uptick as well, rising to 23.7 billion rials, or 11.5% more than at the same time the previous year. With more money actively circulating within the economy, the growth in liquidity suggests a dynamic and developing economic environment.