In March 2024, the Sultanate of Oman witnessed a notable downturn in its real estate market, with total transactions plummeting by 19.5% compared to the same period in 2023. The total value of real estate transactions by the end of March amounted to OMR587.50 million, down from OMR730.10 million the previous year.

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According to statistics released by the National Centre for Statistics and Information (NCSI), the total fees collected for all legal transactions also experienced a decline of 10.3%, totaling OMR16.5 million by the end of March 2024. Sales contracts contributed OMR284.90 million to this figure.

Swap contracts numbered 383, with a total worth of OMR2.8 million, while the value of mortgage contracts witnessed a significant decrease of 30.8% to OMR299.80 million across 4,858 contracts.

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Additionally, the number of properties issued by the end of March 2024 stood at 57,167, reflecting a 6.9% decrease compared to the previous year. Among these, properties issued to residents of Gulf Cooperation Council (GCC) nations decreased by 1.2%, totaling 323 properties.

The decline in real estate transactions underscores the challenges faced by Oman’s property market, necessitating a comprehensive analysis of market dynamics and potential strategies to stimulate growth and stability.