The value of traded contracts in real estate sector during 2015 stood at RO 5,217,755,000 in 2015 compared to RO 2,925,835,760 in 2014; a growth by 78%. Abdullah bin Salim al-Mekhaini, Secretary of the Real Estate Registry at the Ministry of Housing said that real estate activity witnessed a remarkable increase in most of real estate transactions in 2015 compared to 2014. He added that the collected fees during the year 2015 stood at RO 62,054,000 compared to RO 49,796,168 in 2014; a growth by 25%.
He also pointed out that the number of title deeds during 2015 stood at 250,285 compared to 220,678 title deeds in 2014; a growth by 14%. The number of registered land plots for the first time during 2015 stood at 56,529 compared to 51,253 in 2014; a growth by 10%.
The total title deeds issued for the GCC nationals, as per the real estate possession regulations in the Sultanate, stood at 2,269 compared to 3,095 in 2014; a decline by 27%.
The number of sale contracts that have been concluded over 2015 stood at 81,089 worth of RO 1,359,628,434 compared to 82,258 contracts in 2014 worth of RO 1,169,945,473; a decline by 1% in the number of contracts. The collected fees from such sale contracts during 2015 stood at RO 39,875,445 compared to RO 31,901,177 in 2014; an increase in value and fees by 16% and 25% respectively.
Al-Mekhaini added that 672 swap contracts worth of RO 13,767,919 were concluded in 2015 compared to 640 contracts worth of RO 4,328,724 in 2014; a growth by 5% in the number of contracts and 281% in the value. The collected fees from such contracts stood at RO 276,955 in 2015 compared to RO 82,784 in 2014; a growth by 235%.
“22,603 mortgage contracts worth of RO 3,844,358,710 were concluded in 2015. The collected fees for such contracts stood at RO 11,209,310 in 2015. The number of mortgage contracts in 2014 stood at 19,255 worth of RO 1,751,561,562. The collected fees from mortgage contracts in 2014 stood at RO 8,528,371; a growth by 17.4% in the number of mortgage contracts, as well as a growth in value and fees by 120% and 31% respectively,” he concluded.