Oman Reaches Record High $1Billion In Monthly Real Estate Transactions

Oman's real estate market is definitely on a roll. Their Ministry of Housing released a report showing that for the month of November, there was $1 billion worth of real estate transactions that took place in the Arab country, Arabian Business reports.

This active real estate condition is evidenced by the recorded total transactions of 36,616 which amounted to OMR395,434,390 ($1.023 billion) worth of deals in the sultanate. This number compares to Dubai's $2 billion worth of real estate transactions for the same month, and it's a good sign considering that it is one of the region's most active markets.

A total of $11.85 million worth of fees were collected by the Omani government from different real estate transaction such as sales, inheritance transfers, donations, and mortgage redemptions, says Abdallah Bin Salim Al Makhini, secretary of the Real Estate Registry at the Ministry of Housing to Oman Tribune.

There were a total of 7,314 sales contracts signed in all the governorates amounting to 205806,486 rials and a total collected fees of 2,797,000 rials, he added.

Topping the list of high rating real estate sale contracts was Governorate of North Al Batinah which was recorded to have 1,454 contracts followed by the Governorate of Muscat with 1,316 contracts. About 1,172 sale contracts were signed in the Governorate of South Al Batinah, 1,172 in the Governorate of Al Dakhiliyah, 560 in the Governorate of North Al Sharqiyah, 476 in South Al Sharqiyah Governorate, 470 in the Governorate of Dhofar, 421 in the Governorate of Al Dahirah, 269 in the Governorate of Al Wusta, 266 in the Governorate of Al Buraimi and 26 sale contracts in the Governorate of Musandam, Al Makhini enumerated.

In terms of mortgage contracts, 2,122 were signed which amounted to 188,855,458 rials and resulted to 1,026,349 rials worth of fees.

The total title deeds issued for GCC nationals, as per the real estate possession regulations in the Sultanate, during November amounted to 175 with UAE on top with 83, followed by the Kuwaitis (66), Qataris (15), Saudis (7) and Bahrainis (4), as reported by the Oman Tribune.