Rise in oil rates and the recovery in financial activity have an effect on the actual estate marketplace as effectively.
As an indication of the marketplace trend, the total worth of house transactions in the January-March period of this year elevated by six.eight per cent to RO776.3mn, from RO726.8mn in the exact same period of final year, according to the month-to-month statistics released by the National Centre for Statistics and Information (NCSI).
Of the total worth in the initial 3 months, sales contracts had been worth RO257.5mn although transactions worth RO514.1mn had been mortgage offers.
As numerous as 16,045 sales contracts had been executed in the January-March period against 16,140 throughout the exact same period of final year, stated the report.
However, the total quantity of mortgage contracts declined by 26.eight per cent to four,025 in the initial 3 months of this year against five,500 for the exact same period of final year. Fees collected from actual estate transactions touched RO23.6mn in the January-March period of this year, up by eight.five per cent compared to the exact same period of final year.
Also, 62,127 plots had been allotted in the initial 3 months this year compared to 63,255 in the exact same period of final year, registering a fall of 1.eight per cent. Of these, 401 plots had been issued to GCC citizens in the January-March period.
In 2017, the total worth of offers stood at RO2,609.4mn, the NCSI information showed. Of the total worth, RO1,140.4mn worth of offers had been sales contracts although RO1,447.9mn transactions had been mortgage contracts. As numerous as 225,468 plots had been issued final year. Of these, 1,211 had been issued to GCC citizens.
Information Source: Muscat Daily