Oman's Real Estate Market Soars With $3.66bn In Trades For H1 2024

Oman's real estate sector recorded a trading value of 1.40 billion Omani rials ($3.63 billion) in the first half of the year, reflecting a slight increase of 0.5 percent from the same period in 2023.

The National Center for Statistics and Information reported that fees collected for legal transactions amounted to 32.3 million rials, showing a 3.5 percent decline year over year, as per the Oman News Agency.

Market forecasts predict that Oman's residential real estate market will expand from $4.38 billion in 2024 to $6.80 billion by 2029. This growth is expected to follow a compound annual growth rate of 9.19 percent, according to Mordor Intelligence, an Indian-based market intelligence and advisory firm.

This projection aligns with the steady rise in expatriate numbers since 2023, which has increased demand for rental properties across Muscat.

The data also indicated that the total value of sales contracts reached 545.6 million rials across 32,596 contracts. However, there was a slight decrease of 0.9 percent in the number of contracts compared to the previous year.

These figures are consistent with current market trends and expectations, suggesting a stable yet growing real estate sector in Oman. The sustained increase in expatriate numbers has been a significant factor driving demand for rented accommodation throughout Muscat, contributing to the overall growth observed in the sector.

The combination of these factors points towards a robust future for Oman's real estate market, with continued growth anticipated over the coming years.