Prime Highlights:

Oman’s real estate market records a 28.1% surge in transaction values, reaching $8.13 billion in 2024.

Sale contracts rise 3.1% annually to 1.1 billion rials, with the number of deals increasing by 1.9%.

Key Background:

Oman’s real estate sector has experienced robust growth in 2024, with transaction values soaring by 28.1% year-on-year to 3.13 billion Omani rials ($8.13 billion) by November, according to official figures. The surge reflects the positive momentum in the country’s property market, which has been supported by both domestic and international factors.

Data from the National Center for Statistics and Information revealed that sale contracts increased by 3.1% annually to 1.1 billion rials. Additionally, the total number of real estate deals rose by 1.9%, reaching 61,552 transactions during this period.

The sector’s positive performance aligns with market projections. Mordor Intelligence anticipates the residential real estate market will grow at a compound annual growth rate (CAGR) of 9.19%, expanding from $4.38 billion in 2024 to $6.8 billion by 2029. This optimism is further bolstered by government initiatives, such as easing property ownership laws for foreigners and offering tax incentives to developers, which are driving demand, particularly from expatriates, who now make up over 43% of Oman’s population.

Oman Vision 2040, the country’s strategic development blueprint, emphasizes sustainability and innovation in the real estate market, further supporting long-term growth. In addition, mortgage contracts surged by 44.8% to reach 2.1 billion rials in the first 11 months of 2024, highlighting the sector’s continued attractiveness. While the number of mortgage contracts declined by 12.2%, the market saw a rise in swap contracts, reflecting ongoing investment interest. By November 2024, the total number of properties issued reached 210,483, with a slight decline of 3.4% compared to 2023.