Muscat – Real estate worth RO587.5m was traded in the first quarter of 2022 while more than 60,000 title deeds were also issued during this timeframe, according to a report issued by the Ministry of Housing and Urban Planning (MHUP).
Of the RO587.5m worth of real estate traded, RO284.5m was for mortgages, RO99.1m for sales contracts, and RO3.9m for swap contracts.
However, the value of real estate traded decreased by 15 per cent compared to the fourth quarter of 2021, when RO691.2 million worth of transactions were recorded. ‘The majority of the real estate activity was concentrated in Muscat, which accounted for 46.5 per cent of the total trading volume, followed by South Batinah (15.3 per cent). The remaining trades were distributed among the rest of the governorates, ‘the MHUP report stated.
Seeb witnessed the highest value traded during the first quarter in real estate mortgages, which amounted to RO44.4m, while Bawsher witnessed the highest value of sales transactions, which amounted to RO75.6m.
The report added that the value of the average real estate contract rose to reach RO15,500 in this quarter, compared to RO14,300 in the previous quarter. However, the average value of a mortgage contract declined to RO60,300, down from RO93,400.
The number of title deeds issued during the first quarter of this year reached 60,463 in all governorates, including 12,170 in Muscat Governorate, 2,792 in Dhofar, 588 in Musandam, 1,255 in Buraimi, 7,626 in Dakhiliyah and 10,377 in North Batinah, 12,761 properties in South. Batinah, 3,512 properties in South Sharqiyah, 4,331 properties in North Sharqiyah, 4,180 properties in Dhahirah, 689 properties in Wusta, in addition to 212 properties for citizens of the Gulf Cooperation Council countries.