2013 brought good news to Oman's property sector
The traded value of property grew by 21.5 per cent to OMR1,945.7 million for the first eleven months ending November 2013, over the same period of 2012 at OMR1,602 million, according to statistics released by the National Centre for Statistics and Information (NCSI). The figures reveal the key role played by the real estate sector in the national economy.
The amount of fees collected on all legal actions was OMR25.3 million, compared with OMR19.4 million during the corresponding period ending November 2012.
The NCSI figures also showed that the largest volume of activity within the real estate sector during this period was recorded with mortgage contracts which were valued at OMR1,289.3 million, which comprises 66.2 per cent of the total value of property trade in the Sultanate during this period. The value of mortgage contracts figure is up by 18 per cent when compared to the same period in 2012.
Sales contracts came the second with its amount reaching OMR647.9 million by the end November 2013, which represents 33.3 per cent of the total value of properties traded by the end of November 2013. This represents a growth of 28.7 per cent compared to the same period of 2012 at OMR503.4 million. The third category were barter contract which reached OMR8.5 million, representing 0.43 per cent of the total value of properties traded.
As many as 64,918 sales contracts compared to 63,257 contracts registered during the same period of 2012, representing a growth of 2.6 per cent.
Also, 13,369 mortgage contracts were executed compared to 14,379 contracts registered during the same period of 2012, representing a decline of 7 per cent.
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