https://arab.news/raefc
RIYADH: Oman’s real estate sector surged 29.5 percent in 2024, with total transactions reaching 3.3 billion Omani rials ($8.57 billion), driven by foreign investment and government-led reforms.
The real estate sector’s contribution to the country’s gross domestic product hit 820.7 million rials in the first nine months of the year, according to data from the Ministry of Housing and Urban Planning, cited by Oman News Agency.
The sector’s growth aligns with broader trends in the Middle East, where countries are actively advancing their economic diversification programs.
In Saudi Arabia, the property sector maintained its upward trajectory in the fourth quarter of 2024, with the real estate price index rising 3.6 percent year on year.
The UAE is also witnessing robust expansion, with Dubai’s residential sales surging 30 percent year on year to $32.4 billion in the fourth quarter.
Qatar recorded 3,548 real estate transactions in 2024, totaling $3.97 billion.
Oman’s government has introduced several initiatives to accelerate real estate sector growth, including easing property ownership laws for foreigners and offering tax incentives to developers.
According to Oman News Agency, mortgage contracts accounted for the largest share of transactions in 2024, reaching 2.2 billion rials.
Sales contracts in Oman’s real estate market stood at 1 billion rials, while swap contracts were valued at 13 million rials.
Reflecting an increase in international investments, foreign real estate trading in Oman grew 19.4 percent in 2024 compared to 2023.
Real estate transactions by Gulf Cooperation Council nationals reached 38.1 million rials, registering a year-on-year increase of 16.5 percent.
Among Oman’s governorates, South Al Batinah led the fastest-growing real estate markets, posting a 244.4 percent surge with a trading value of 1.2 billion rials.
Al Batinah North recorded transactions worth 877 million rials, reflecting a growth rate of 122.8 percent.
Al Dakhiliya Governorate saw a 119.2 percent increase, with real estate transactions amounting to 380 million rials.
Al Sharqiyah North recorded a growth rate of 101.6 percent, with a turnover of 135 million rials.
In Muscat Governorate, real estate transactions reached 1.2 billion rials in 2024, expanding at a more modest rate of 1.7 percent.