Muscat, The overall activity in the real estate market

was dull in the first half of 2018, compared to the same period of last

year.

As an indication of the market trend, the total value of property

transactions in the Sultanate during January till June period of 2018

marginally declined by 0.4 percent to RO 1,413.8 million, from

RO1,419.5 million for the same period of last year shows the latest

monthly statistics released by the National Centre for Statistics and

Information (NCSI).

Of the total value in the first six months, RO486.3 million were sales

contracts, while RO 919.8 million transactions were mortgage deals,

added the NCSI report.

As many as 30,267 sales contracts were executed in January till June

period of 2018, against 30,618 deals for the same period of last year,

noted the NSCI monthly report.

Also, the total number of mortgage contracts declined by 18.3

percent to 8,610 in the first six months of 2018, against 10,537 deals

for the same period of last year.

Further, RO 45.5 million were collected by way of real estate

transaction fees (stamp duty) during January-June period of 2018, up

by 10.1 percent compared to the same period of last year.

Besides, 116,039 plots were allocated in the first six months of 2018,

against 115,864 plots for the same period of last year � indicating a fall

of 0.2 percent. Of this, 812 plots were allocated to GCC citizens during

January till June period of 2018.

In 2017, the total value of property deals stood at RO 2,609.4 million,

the NCSI data showed. Of the total value, RO1,140.4 million worth of

deals were sales contracts, while RO1,447.9 million transactions were

mortgage contracts. As many as 225,468 plots were allocated last year.

Of this, 1,211 plots were allocated to GCC citizens.

Source: Oman News Agency