OMR6b worth real estate deals in first 6 months

The number of real estate transactions during the period stood at 214,979, including sale, donation, inheritance, exchange, mortgage, and mortgage and division transactions

MUSCAT: Value of traded contracts in the real estate sector in the Sultanate stood at OMR6,175,585,328 in the first half of 2016, while the collected fees stood at OMR42,594,598, Dr. Ali bin Azzan Al Hashami, Assistant Secretary of the Real Estate Registry at the Ministry of Housing said.

The number of real estate transactions during the period stood at 214,979, including sale, donation, inheritance, exchange, mortgage, and mortgage and division trans- actions he said in a press statement. The value of the 40,262 sale contracts reached OMR 570,097,351, and the collected fees were OMR20,356,665.

The value of exchanged contracts stood at OMR3,991,998 and the collected fees from these were OMR78,487. Meanwhile, the value of mortgage contracts stood at OMR5,601,575,977 and the collected fees from these were OMR5,329,778.

In terms of sale contracts registered at the various governorates, the Governorate of North Al Batinah recorded the highest number of sale contracts during the first half of 2016, with 8,605, followed by Governorate of South Al Batinah with 7,543, Governorate of Muscat with 6,917, A’Dakhiliyah with 4,487, North A’Sharqiyah with 2,850, South A’Sharqiyah with 2,622, A’Dhahirah with 2,535, Dhofar with 2,490, Al Buraimi with 1,122, Al Wusta with 966 and Musandam with 125, he said.

Mortgage contracts in Governorate of Muscat have been the highest, compared to the other governorates during the first half of 2016, with 3,837, followed by North Al Batinah with 2014, South Al Batinah with 1,983, A’Dakhiliyah with 1,620, Dhofar with 974, North A’Sharqiyah with 826, A’Dhahirah with 739, South A’Sharqiyah with 624, Al Buraimi with 213, Al Wusta with 180 and Musandam with 72, he added.

In the first half of this year, 138,633 title deeds were issued, including title deeds for GCC nationals. The figures include 28,573 in Muscat, 27,845 in North Al Batinah, 22,601 in South Al Batinah, 16,621 in A’Dakhiliyah, 10,265 in North A’Sharqiyah, 7,493 in South A’Sharqiyah, 8,094 in Dhofar, 11,409 in A’Dhahirah, 3,140 in Al Buraimi, 1,971 in Al Wusta and 621 in Musandam.

The number of land plots registered for the first time during the first half of 2016 stood at 32,264, including granted land plots, sales, mortgage and other transactions.

The total number of title deeds issued for GCC nationals during the first half of 2016, as per the Sultanate’s property possession rules and regulations, stood at 995. Kuwaitis came first with 449, comprising 45.1 per cent, followed by Emiratis, with 439, constituting 44.1 per cent, Saudis with 43, comprising 4.3 per cent, Bahrainis with 34, constituting 3.4 per cent, and Qataris with 30, comprising 3 per cent.

Possession by GCC nationals concentrated in the Governorate of North Al Batinah with 30.5 per cent and 303 owners, and Dhofar with 29.2 per cent and 291 owners.