Oman’s Real Estate Market Expands by 29.5% in 2024, Reaching RO 3.3 Billion

Muscat: Oman’s real estate sector experienced remarkable growth in 2024, with total real estate transactions surpassing RO 3.3 billion, marking a 29.5% increase compared to 2023, according to the latest report by the Ministry of Housing and Urban Planning.

Significant Contributions to Oman’s Economy

The report revealed that real estate activities contributed approximately RO 820.7 million to the country’s gross domestic product (GDP) by the end of September 2024. This growth reflects the sector’s increasing role in Oman’s economic development.

Breakdown of Real Estate Transactions

The majority of the transactions were mortgage contracts, which accounted for more than RO 2.2 billion, while sale contracts contributed RO 1 billion, and swap contracts totaled RO 13 million. These figures highlight the sector’s dynamism and growing investor interest.

Rising Foreign Investments

Foreign investment in Oman’s real estate sector also witnessed significant growth, with international transactions exceeding RO 77.7 million, reflecting a 19.4% increase from 2023. This underscores Oman’s appeal to global investors. Additionally, Gulf real estate trading in Oman recorded RO 38.1 million, showing a 16.5% growth rate in 2024.

Regional Performance and Growth Trends

The real estate sector’s growth varied across Oman’s governorates:

• South Al Batinah led the surge with an astonishing 244.4% growth, totaling RO 1.2 billion.
• North Al Batinah also performed well, reporting a 122.8% increase with a trading value of RO 877 million.
• Al Dakhiliyah, North Al Sharqiyah, and Dhofar registered growth rates of 119.2%, 101.6%, and 41.1%, respectively.
• Musandam and Al Buraimi followed a positive trend, while Al Wusta recorded moderate growth at 10.6%.

Challenges in Some Governorates

Despite leading in total transactions, Muscat Governorate showed only a 1.7% growth, reaching RO 1.2 billion in trading value, with collected fees amounting to RO 22 million.
Meanwhile, South Al Sharqiyah and Al Dhahirah Governorates saw a decline in real estate activity, decreasing by 9.7% and 10.7%, respectively.

Oman’s Real Estate Sector Moving Forward

Oman’s booming real estate market is fueled by rising investments, improved infrastructure, and increasing foreign interest. The steady expansion reflects economic resilience and growth potential, positioning Oman as an attractive destination for real estate investment in the region.

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