Real estate worth RO1.179bn was traded in the first six months of 2022, down 7.3 per cent compared to the same period in 2021 when it was RO1.272bn, according to statistics released by the National Centre for Statistics and Information (NCSI).
The total fees collected for all legal transactions amounted to RO30.4mn, compared to RO50.9mn during the same period in 2021, which is a decrease of 40.4 per cent.
NCSI figures also indicate a decrease in the number of sale contracts by 18.2 per cent until June 2022, but the traded value of sale contracts increased by two per cent year-on-year.
A total of 116,234 properties were traded, compared to 129,149 in the same period in 2021 – a decrease of 9.9 per cent. Citizens from the GCC states bought 353 properties.
There were 35,978 sale contracts, valued at RO613.7mn. The number of swap contracts was 677, valued at RO7.4mn, while the number of mortgage contracts increased 3.1 per cent to 9,527, worth a total value of RO558.2mn, compared to 9,242 contracts in 2021.