Value of real estate trading in Al Buraimi reaches over RO 19mln in the first half of 2023

Al Buraimi: The value of real estate trading in Al Buraimi Governorate in the first half of this year recorded 19 million and 871 thousand Omani riyals, an increase of 38 percent compared to the same period of last year 2022, which amounted to 14 million and 384 thousand Omani riyals, .

Data issued by the General Directorate of Housing and Urban Planning in Al Buraimi Governorate. The figures revealed that the total fees collected for all legal transactions by the end of June of this year amounted to 270 thousand Omani riyals, an increase of 21.2 percent compared to the same period last year 2022, which amounted to 222 thousand Omani riyals.

The traded value of sales contracts increased by 0.73 percent, recording 6 million and 547 thousand Omani riyals at the end of June of the current year, compared to 6 million and 499 thousand Omani riyals at the end of the same month last year, while the number of sales contracts decreased by 11.5 percent, recording 784 contracts by the end of June of this year, compared to 886 contracts by the end of June of 2022. Statistics showed an increase in the traded value of mortgage contracts for the same period by 70 percent, reaching 13 million and 285 thousand Omani riyals, compared to 7 million and 798 Omani riyals at the end of June of last year, while the number of mortgage contracts reached 231 contracts, an increase of 22.2 percent over the period. The same as in 2022, which recorded 189 contracts.

The traded value of swap contracts recorded a decrease of 55.8 percent, reaching 38,672 Omani riyals at the end of June of this year as a result of the decrease in the number of registered swap contracts, which amounted to only 6 contracts compared to 13 contracts recorded at the end of June last year. With regard to circulating and registered usufruct contracts, statistics showed the completion and registration of 1,477 usufruct contracts until the end of June of the current year 2023, while 1,138 contracts were completed and registered in the same period of the year 2022, an increase of 29.8 percent.

The recorded statistics recorded an increase in the number of residential lands distributed until mid-2023 compared to the same period in 2022, as 518 residential plots of land were distributed in the current year, while the number of lands distributed in 2022 reached 484 residential plots of land, an increase of 7 percent. Engineer Haider bin Abdul Hadi Al Lawati, Director General of the General Directorate of Housing and Urban Planning in Al Buraimi Governorate, explained that housing assistance varies between building or purchasing a home for eligible families, stressing that the financial link has been completed for 91 requests for housing assistance registered at the governorate level until the end of June of the year. The current project, at a total cost of more than two million and 500 thousand Omani riyals.

He stressed that the reason for the high rates of completion is due to the activation and application of many digital programs and systems in line with the digital transformation methodology in most of the services, works provided, and implemented projects, which contributed greatly to accelerating the pace of work and completion, including applications (Choose your land – Buy your land – Plan your land) in addition to To the (Tatweer) digital platform, which includes many commercial, industrial and agricultural investment opportunities, in addition to strengthening the partnership with the private sector in completing and providing some services such as real estate brokerage offices and consulting offices.