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Oman’s housing market is experiencing rapid growth in 2024. Total transactions reached OMR 3.38 billion (approximately $8.8 billion), marking a 30% increase compared to 2023, when transactions totaled $6.8 billion. This significant increase highlights the market’s stable development and rising investment appeal.
Key highlights
The number of sales agreements increased by 4.8%, with 13,668 transactions worth a combined $2.8 billion. This 3.8% rise reflects strong demand despite potential price hikes.
The government’s fiscal revenues from these deals totaled $179 million, up 6.4% year-on-year, underscoring the positive impact on public finances.
Mortgage market growth
A major trend in 2024 has been the sharp increase in mortgage financing. Mortgage transactions rose by 46.4%, with a total value of $5.9 billion across 20,680 contracts. This indicates favorable banking policies and growing confidence among both residents and investors in Oman’s property market.
GCC investors drive growth
Although the number of property titles issued dropped slightly by 0.9%, investment activity from GCC nationals rose by 10%. In 2024, they received 1,447 property titles, indicating stronger cross-border interest in Omani real estate.
Investment opportunities
For those considering buying property in Oman, now is an opportune time. The market’s upward trajectory offers attractive investment prospects. Rising demand could drive prices higher, but affordable mortgage options still make home purchases accessible.
The influx of GCC investors is also fueling new developments and driving up values in popular areas, presenting opportunities for those targeting rental income or long-term capital appreciation.
Overall, Oman’s real estate market is strengthening, offering favorable conditions for both domestic and international buyers.
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