Arab News,
Thursday , Jan 09, 2025 | Rajab 9, 1446
Oman’s real estate market surges 28% to $8bn by November 2024
Oman:
Oman’s real estate market maintained its upward trajectory in 2024, with
transaction values soaring 28.1 percent year on year to 3.13 billion Omani rials
($8.13 billion) by November, official figures showed.
According to data from the National Center for Statistics and Information, sale
contracts in the sector rose 3.1 percent annually to 1.1 billion rials during
the period, while the number of deals edged up 1.9 percent to 61,552, the Oman
News Agency reported.
The robust performance underscores broader optimism in Oman’s property market,
with market intelligence firm Mordor Intelligence forecasting the residential
real estate sector to grow at a compound annual rate of 9.19 percent, increasing
from $4.38 billion in 2024 to $6.80 billion by 2029.
The Omani government has introduced several initiatives to boost the growth of
its real estate sector, including relaxing property ownership laws for
foreigners and offering tax incentives to real estate developers.
Oman’s population reached 5.27 million this month, with expatriates accounting
for over 43 percent, or 2.28 million people. The significant expatriate presence
has been vital in driving demand for residential and commercial properties,
particularly in urban centers.
Oman’s Vision 2040, the country’s strategic development plan, further
underscores the importance of sustainability and innovation in the real estate
sector.
Data from NCSI said that the value of mortgage contracts surged by 44.8 percent
year on year in the first 11 months of 2024, reaching 2.1 billion rials.
The number of mortgage contracts declined by 12.2 percent during the
January-to-November period, dropping to 18,846 from 21,461 in the same period of
the previous year.
Swap contracts also experienced significant growth, with 1,223 deals valued at
12.4 million rials by the end of November, an 18.1 percent increase from the
previous year.
The total number of issued properties reached 210,483 by the end of November,
reflecting a slight 3.4 percent decline compared to the same period in 2023.
Properties issued to Gulf Cooperation Council citizens saw a 6.8 percent annual
rise, totalling 1,325 in the first eleven months of 2024.