Muscat – Real estate trading in North Batinah witnessed significant growth in the third quarter of 2024, recording a 157% increase, according to Ali bin Ahmed al Maashani, Director General of Housing and Urban Planning in the governorate.
Maashani stated that the Directorate of Housing and Urban Planning is undertaking quality housing projects designed to meet the needs of citizens and promote social stability. The directorate collaborates closely with various government and private entities for housing and planning initiatives, exploring ways to accelerate the implementation of joint projects. These efforts aim to contribute to the sustainable development of North Batinah.
Maashani added that real estate trading in the governorate saw remarkable growth during the third quarter of the current year with total value reaching approximately RO184mn. Of this, RO162mn was attributed to real estate mortgages and RO21mn to sales contracts. The total figure for Q3 2024 marked a 157% increase compared to the second quarter, which registered a total of RO71mn in trading.
According to Maashani, Liwa led in mortgage trading, accounting for 65% of the total, while Suhar recorded the highest number of sales contracts at 32%.
He highlighted an increase in foreign and Gulf real estate trading, with foreign trading growing 1.7% and Gulf trading 2.2%.
This growth underscores the attractiveness of the real estate market in North Batinah and its appeal to investors both within and outside the sultanate.
Maashani informed that in line with efforts to promote sustainable communities, work is underway on the Hey al Majd project in the Muwailih area of Suhar. Covering an area of over 370,000sqm, the project will feature 1,057 diverse housing units with an investment value of RO50mn. The development is envisioned as a model for integrated residential neighbourhoods, combining housing with essential services to offer a modern living environment.
Additionally, the ministry has provided housing assistance to eligible residents of the governorate, distributing 139 housing units worth over RO4mn to promote social stability.
The directorate recorded significant activity in the area of usufruct contracts, with 115 contracts signed in the current year, including 68 industrial contracts, 29 agricultural contracts, and 18 residential and commercial contracts. The total fees collected from these contracts exceeded RO91,000.
