(MENAFN- Muscat Daily) Oman's real estate sector has showed positive growth with the value of transactions in the first nine months of 2013 touching RO1.456bn. GCC citizens are continuing to show interest in owning properties in Oman, with 2,632 title deeds being signed by them till September, while in October another 377 properties were bought by them.
A total of 1,267 real estate transactions were done in the governorate of Al Wusta till October, where the Ministry of Housing in ministerial decision No 124/2013 issued on November 17, prohibited non-Omanis from owning land and properties in the wilayat of Duqm, effective from the same day.
A decision to this effect was taken by the Council of Ministers at a meeting on July 30, this year, stated H E Saif al Shabibi, Minister of Housing. In October, the total number of title deeds issued in the name of GCC citizens reached 377, where Kuwaitis bought 191 properties, Emiratis 132, Qataris 32, Bahrainis 13 and Saudis nine. The majority of properties bought were in North Batinah with the registration of 256 titles (or 68 per cent), followed by Dhofar with 41 titles.
Abdullah bin Salem al Mukhaini, secretary of Land Registry at the Ministry of Housing, said that total transactions at the General Secretariat and Real Estate Departments at Housing
Directorates across the country from January to September 2013, reached RO1.456bn which was two per cent more compared to RO1.428bn in the same period last year. ''The fees collected during the same period this year amounted to RO22.37mn, an increase of RO19,119 (or 17 per cent) over last year.''
Mukhaini said that the number of real estate deals from January to September reached 247,628, with Muscat leading the table with 43,407 transactions, followed by 42,973 in North Batinah, 32,481 in Dakhliyah, 30,281 in South Batinah, 27,307 in Dhahirah, 26,886 in North Sharqiyah, 16,448 in South Sharqiyah, and 14,953 in Dhofar among others.
Mukhaini said that the number of title deeds registered during the nine-month period reached 155,946 compared to 162,078 during the same period last year - a drop of four per cent.
He added that the number of sale contracts for the period was 53,447 valued at RO513.15mn compared to 50,736 contracts worth RO430.75mn in the same period last year - resulting in increase of five per cent in sales contracts and a rise of 19 per cent in monetary value.
The fees collected from these was RO14.6mn compared to RO11.6mn over 2012 - a rise of 25 per cent. During the period, the number of mortgage contracts traded at the Real Estate Secretariat and Department reached 10,951 worth RO935mn and the fees collected was RO4mn.
For this period last year, 12,382 contracts (RO992mn) were registered and fees worth RO3.84mn collected - showing a drop of 12 per cent in the number of contracts, six per cent in monetary value and a rise of six per cent in amount of fees collected.
Also, the number of exchange deals during the period reached 1,099 worth RO8mn.
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