OMAN’S real estate sector surged 29.5 per cent in 2024, with total transactions reaching 3.3 billion Omani rials ($8.57bn), driven by foreign investment and government-led reforms.
The real estate sector’s contribution to the country’s gross domestic product hit 820.7 million rials in the first nine months of the year, according to data from the Ministry of Housing and Urban Planning, cited by Oman News Agency.
The sector’s growth aligns with broader trends in the Middle East, where countries are actively advancing their economic diversification programmes.
In Saudi Arabia, the property sector maintained its upward trajectory in the fourth quarter of 2024, with the real estate price index rising 3.6 per cent year on year.
The UAE is also witnessing robust expansion, with Dubai’s residential sales surging 30pc year on year to $32.4bn in the fourth quarter.
Qatar recorded 3,548 real estate transactions in 2024, totalling $3.97bn.
Oman’s government has introduced several initiatives to accelerate real estate sector growth, including easing property ownership laws for foreigners and offering tax incentives to developers.
According to Oman News Agency, mortgage contracts accounted for the largest share of transactions in 2024, reaching 2.2bn rials.
Sales contracts in Oman’s real estate market stood at 1bn rials, while swap contracts were valued at 13 million rials.
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