Muscat, Real estate market in the Sultanate is recovering with sale deals showing a robust growth in the first two months of 2018.

Reflecting the market trend and investor sentiment, the total value of property deals in the country during January-February of 2018 surged ahead by 24.6 percent to RO565.3 million, compared with RO453.5 million for the same period of last year, according to the latest monthly statistics released by the National Centre for Statistics and Information (NCSI).

Fees collected from all legal transactions stood at RO15.5 million, comprising an increase by 21.2 percent.

Of the total value in the first two months, RO179.5 million worth of deals were sale contracts, constituting a decline by 7.4 percent while RO382.3 million transactions were mortgage deals.

As many as 10,611 sale contracts were executed in January till February 2018, compared with 10,615 deals for the same period of last year, shows the NSCI data. It seems that the recent firm trend in oil prices and the recovery in economic activity is aiding a firm trend in real estate market as well.

However, the total number of mortgage contracts plunged by 24.6 percent to 2,545 that worth RO382.3 million in the first two months of 2018, against RO256 million worth mortgage contract during the same period of last year.

The value of exchange contracts stood at RO3.5 million, comprising 7.4 percent till the end of February 2018 against RO3.8 million till the end of February 2017. The number of exchange contracts rose by 76.8 percent to 290 contracts as at the end of February 2018 compared to 164 contracts during the same period in 2017.

Also, 44,958 plots were allocated in the first two months of 2018, against 40,254 plots for the same period of last year, indicating a growth of 11.7 percent.

271 plots were allocated to GCC citizens during January till February 2018.

Source: Oman News Agency