Value of Muscat Real Estate Traded Down 3.7%

The value of real estate transactions in the sultanate, (Muscat) this year until the end of October was about RO2.03bn, a decrease of 3.7 percent compared to the same period in 2021, when it amounted to RO2 .1bn, according to data issued by the National Centre for Statistics and Information.

Preliminary statistics indicated that fees collected this year for legal transactions until the end of October amounted to over RO52.6mn, a decrease of 28 percent compared to the same period of 2021.

The data also showed a decrease in the traded value of sales contracts by six per cent to RO939.4mn compared to RO999.3mn in the same period of 2021. The traded value of mortgage contracts at the end of October 2022 dropped 1.5 percent to reach RO1.77mn compared to RO1.94mn at the end of October 2021.