Oman’s real estate market surges 28% to $8bn by November 2024

Oman Vision 2040, the country’s strategic development plan, further underscores the importance of sustainability and innovation in the real estate sector. ONA

• Sale contracts in the sector rose 3.1% annually to 1.1 billion rials
• Number of deals edged up 1.9% to 61,552

RIYADH: Oman’s real estate market maintained its upward trajectory in 2024, with transaction values soaring 28.1 percent year on year to 3.13 billion Omani rials ($8.13 billion) by November, official figures showed. 
According to data from the National Center for Statistics and Information, sale contracts in the sector rose 3.1 percent annually to 1.1 billion rials during the period, while the number of deals edged up 1.9 percent to 61,552, the Oman News Agency reported. 
The robust performance underscores broader optimism in Oman’s property market, with market intelligence firm Mordor Intelligence forecasting the residential real estate sector to grow at a compound annual rate of 9.19 percent, increasing from $4.38 billion in 2024 to $6.80 billion by 2029. 
The Omani government has introduced several initiatives to boost the growth of its real estate sector, including relaxing property ownership laws for foreigners and offering tax incentives to real estate developers. 
Oman’s population reached 5.27 million this month, with expatriates accounting for over 43 percent, or 2.28 million people. The significant expatriate presence has been vital in driving demand for residential and commercial properties, particularly in urban centers. 
Oman’s Vision 2040, the country’s strategic development plan, further underscores the importance of sustainability and innovation in the real estate sector. 
Data from NCSI said that the value of mortgage contracts surged by 44.8 percent year on year in the first 11 months of 2024, reaching 2.1 billion rials. 
The number of mortgage contracts declined by 12.2 percent during the January-to-November period, dropping to 18,846 from 21,461 in the same period of the previous year. 
Swap contracts also experienced significant growth, with 1,223 deals valued at 12.4 million rials by the end of November, an 18.1 percent increase from the previous year. 
The total number of issued properties reached 210,483 by the end of November, reflecting a slight 3.4 percent decline compared to the same period in 2023. 
Properties issued to Gulf Cooperation Council citizens saw a 6.8 percent annual rise, totalling 1,325 in the first eleven months of 2024.