A report issued by the Ministry of Housing on real estate transactions during the period from January to March of this year revealed that the governorate of North Al Batinah was the highest in terms of swap and inheritance contracts at the level of all governorates, while the governorate of Muscat, was highest in mortgage, mortgage redemption, grants contracts and title deeds issued. The governorate of Al Dhahira was highest in terms of utilization contracts and the governorate of North Al Sharqiyah in the number of sale contracts. During the same period, the most GCC citizens’ ownership was in the wilayat of Salalah. The percentage of United Arab Emirates citizens was highest among other GCC citizens according to the statement of HE Abdullah bin Salem Al Mukhaini, Secretary of Real Estate Registry in the Ministry of Housing.
Al Mukhaini said that the value of contracts traded during the period from January to March of this year amounted to more than RO 727,378,000, while the fees collected amounted to more than RO 23,024,000. HE highlighted that the total real estate activity involved 98,223 legal transactions including sale, grant, inheritance, swap, mortgage, mortgage redemption, utilization, division, and deed stamping.
North Al Sharqiyah Governorate the highest in sale transactions
The Secretary of Real Estate Registry said that the total value of sale contracts amounted to more than RO 311,166,000 through 16,157 transactions at the level of the Sultanate governorates, while the fees collected from sale transactions amounted to more than RO 12,415,000.
HE added that the sale transaction in North Al Sharqiyah governorate recorded the highest percentage compared to the rest of the Sultanate’s governorates during the same period. The number of transactions reached 3,541 sales, followed by Muscat governorate with 2,926 sales, then North Al Batinah with 2,378, then Al Dakhiliyah by 1,463 sales, South AL Sharqiyah by 1,262, Dhofar with 1,138 sales, 737 sales in AL Dhahira, 629 in Musandam, 520 in Al Buraimi, and finally Al Wusta governorate with 338 sale transactions.
63,588 title deeds issued
Al Mukhaini said that during the period from January to March of this year, 63,588 title deeds were issued, including those issued to GCC nationals. In Muscat governorate 11,612 titled were issued, while 3,082 issued in Dhofar, 3,972 in South Al Batinah, 10,608 in North Al Batinah, 6,392 in South Al Sharqiyah, 12,584 issued in North Al Sharqiyah, 5,525 in Al Dakhiliyah, 3,209 titles in Al Dhahira, 2,277 in Al Buraimi, 3,217 issued in Musandam, and 1,110 title deeds issued in Al Wusta governorate. The number of land plots registered for the first time totaled 17,263.
287 titles issued to GCC Citizens
The Secretary of Real Estate Registry in the Ministry of Housing highlighted that the total number of property titles issued to GCC nationals according to the controls of ownership of real estate in the Sultanate during the period from January to March of this year amounted to 287 title deeds. United Arab Emirates citizens ranked first with 113 owners i.e. 39.4%, followed by citizens of the State of Kuwait with 112 owners (39%), followed by citizens of the State of Qatar with 31 owners (11%), citizens of the Kingdom of Bahrain with 19 owners (7%) and finally citizens of the Kingdom of Saudi Arabia with 12 owners, i.e. 4%. Ownership by GCC citizens concentrated more in the North Al Batinah governorate by 39%.
Muscat Governorate the highest in mortgage transactions
HE said that the total value of mortgage contracts amounted to more than RO 410,743,000 through 5,503 transactions at the Sultanate governorates level, while fees collected from mortgage amounted to more than RO 1,950,000. The highest percentage of mortgage transactions was in the governorate of Muscat compared to other governorates of the Sultanate, which totaled 1,611 transactions.
HE Secretary of Real Estate Registry added at the end his statement that the value of swap contracts was more RO 5,468,000 and the fees received were more than RO 109,000 through the conclusion of 250 swap contracts. North Al Sharqiyah was highest at the Sultanate level by 39 swap contract. As for the inheritance, 1,507 contracts were registered, the share of which was in North Al Batinah governorate by 299 contracts. The highest percentage of grant contracts was in Muscat governorate with 1,086 contracts from 5,840 contracts in total. As for mortgage redemption, 2,214 contracts were concluded during this period, with the governorate of Muscat recording the highest percentage with 818 contracts. In terms of land division, the total number of contracts at the level of the Sultanate governorates was 1,670 contracts, most of which was in the governorate of North Al Sharqiyah with 587 contracts. Deed stamping contracts made through the same period reached 645, with the highest percentage recorded in the governorate of North Al Sharqiyah with 299 contracts. Finally, utilization totaled 849 contracts and the highest proportion was in the governorate of Al Dhahira by 205 contracts.