Oman’s real estate market has grown significantly, with total transactions rising 5.4% year-on-year by the end of August 2024, reaching approximately $5 billion, according to data from the National Center for Statistics and Information (NCSI). Legal transaction fees during this period also saw a slight increase, up by 0.2% to $113.53 million compared to August 2023.
The value of real estate sales contracts climbed to $1.86 billion, while the number of sales contracts saw a 0.9% increase, totaling 44,398 transactions. The mortgage contract market also showed strong growth, with the total value increasing by 7.9% to $3.14 billion, encompassing 13,565 contracts. Meanwhile, the value of properties issued for GCC citizens rose by 12.3%, reaching 985 properties.
H1 2024 Real Estate Highlights
In the first half of 2024, Oman’s real estate sector achieved a total trading value of $3.63 billion, a 0.5% increase compared to H1 2023. Sales contracts contributed $1.42 billion across 32,596 contracts, although this represented a slight 0.9% decline in the number of contracts year-on-year. Mortgage contract values increased by 0.5% to $2.23 billion, spread across 10,028 contracts. The issuance of properties to GCC citizens also rose, with a 5.2% increase, totaling 666 properties.
These results reflect the broader market forecast, which projects Oman’s residential real estate market to grow from $11.37 billion in 2024 to $17.64 billion by 2029, according to Mordor Intelligence.
