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Ministry of Housing: Over RO 273 Million the Value of Real Estate Trading Last March

Posted by Raja Sheraz on May 7, 2017
| News
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A report on real estate trading in the Ministry of Housing during the month of March pointed that North Al Batinah topped other governorates in terms of sale, grant, inheritance, deed stamping and division contracts, while Muscat came first with regard to mortgage and mortgage redemption contracts. Real estate ownership by GCC citizens concentrated the most in the wilayats of Sohar and Al Suwaiq and during that month, and UAE citizens represented the highest ownership percentage among other GCC citizens, according to a statement by HE Abdullah bin Salim Al Mukhaini, secretary of the real estate registry in the ministry of housing.

He stated that the value of contracts traded during last March amounted to RO (273,873,536) while the collected fees totaled RO (10,219,585). HE pointed out that the real estate activity involved (35,138) transactions, including transactions of sale, grant, inheritance, swap, mortgage, mortgage redemption, utilization, division and deed stamping.

 

Governorate of North Al Batinah Tops Sale Transactions

HE pointed out that the total value of the registered sale contracts during the same period reached to RO (117,439,000) through concluding (5,542) sale transactions at the level of Sultanate, while fees collected amounted more than RO (4,500,000).

North Al Batinah governorate formed the highest percentage in sale compared to the rest of the governorates of the Sultanate with (1,175) transactions followed by Muscat with (1,047) transactions. Then, South Al Batinah came third by (1,013) sale transactions followed by Al Dakhiliyah with (618) sale transactions, while North Al Sharqiyah witnessed (409) transactions, South Al Sharqiyah with (395) and Dhofar (364) sale transactions. Next came Al Dhahirah with (287) sale transactions, Al Buraimi with (109) sale transactions, then Al Wusta (97) transactions and finally Musandam governorate with (28) sale transactions.

(23139) Tile Deeds Issued

Al Mukhaini pointed out that during the month of March (23,139) title deeds were issued included GCC citizens titling as (4,741) title deeds in South Al Batinah, (4,496) in North Al Batinah, (4,141) in Muscat, (3,378) in Al Dhakhiliyah, (1,494) in North Al sharqiyah, (1,338) in Al Dahirah, (1,276) in South Al Sharqiyah, (1,109) in Dhofar, (493) in Al Buraimi, (399) title deeds issued in Al Wusta governorate, (274) title Musandam deeds issued in. Moreover, the number of new land plots registered for the first time totaled to (7,059) plots.

(92) Title Deeds Issued for GCC Citizens

Secretary of real estate registry, noted that during the month of March the total number of title deeds issued for GCC citizens, in keeping with the regulations of property titling in the Sultanate, reached to (92) deeds; (71) title deeds for citizens of United Arab Emirates who came first by a percentage of (77%), followed by the Kuwait citizens of by (15) title deeds and (16%). Then came Bahrain citizens by (4) title deeds and (4%), followed by of Saudi Arabia citizens by (2) title deeds and (2%). He pointed out that the rate of GCC citizens titling concentrated in North Al Batinah governorate by (43) title deeds and (47%).

Governorate of Muscat Tops Mortgage Transactions

His Excellency said that the total value of mortgage transactions amounted to RO (154,712,000) through (2,127) mortgage transactions at the level of the Sultanate’s governorates, while RO (721,000) were collected as mortgagee transactions fees with (592) transactions in Muscat.

HE Abdullah bin Salem Al Mukhaini, Secretary of Real Estate Registry, concluded his statement saying that the total value of the swap contracts reached more than RO (1,721,000) while fees collected amounted more than RO (34,000) through the conclusion of (86) swap contract of which North Al Sharqiyah governorate formed the heights percentage at the level of the Sultanate by (17) contracts.

Moreover, inheritance contracts reached to (529) contracts including, (200) contracts in North Al Batinah governorate which formed the highest percentage, while grant contracts amounted to (1,935) contracts and North Al Batinah governorate scored the highest percentage by (394) contracts.

Furthermore, mortgage redemption contracts amounted to (735) at the level of all governorates and Muscat governorate represented the highest percentage by (262) contracts. On the other hand, (717) dividing contracts were concluded and North Al Batinah governorate had the highest rate by (214) contracts.

Finally, deed stamping contracts reached to (195) of which Al North Al Sharqiyah governorate formed the highest percentage by (57) contracts and utilization contracts reached to (225) of which Al Dakhiyliyah governorate represented the highest percentage by (61) contracts.

https://eservices.housing.gov.om/eng/Pages/NewsDetails.aspx?newsID=768

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