The Real Estate Bulletin of Ministry of Housing reported that the value of real estate trading during the 4th quarter of 2017 amounted over than RO 523.5 million, including RO 274.4 million for mortgage contracts, RO 245.4 million for sale contracts and RO 3.7 million for Swap contracts. The ministry pointed out that real estate activity reached its peak during August 2017 by RO 279.3 million.
On the other hand, the value of real estate trading declined during the past three (3) months by 21% compared to RO 666.3 million in the third quarter of the same year. The value of real estate in the third quarter decreased by 31% as well as the value of trading in sale contracts decreased by (15%).
In another context, the Real Estate Bulletin indicated Muscat Governorate witnessed 52% of the total value of real estate trading of the Sultanate during the 4th quarter, while the governorates of North and South Al Batinah made (11%) each of the total value.
At the level of Wilayats, the Real Estate Bulletin confirmed that the Wilayat of Al Seeb scored the highest value of real estate mortgage transactions, by RO 60 million, while Wilayat of Bousher witnessed the highest value of sales transactions with over than RO 62 million during 2017.
Moreover, the average value of sales contracts decreased in the 4th quarter by RO 16,000 compared to RO 20,000 during the third quarter of the same year, while the average value of mortgage contracts decreased by 70,000 compared to RO 90,000 during the second quarter of the same year.