Omani Real Estate Market Achieves Historic Growth of 29.5% in 2024

2025-07-24

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Omani Real Estate Market Achieves Historic Growth of 29.5% in 2024

The real estate sector in the Sultanate of Oman has witnessed rapid growth in 2024, with real estate transactions exceeding 3.3 billion Omani rials, marking an increase of 29.5% compared to 2023. According to a report by the Ministry of Housing and Urban Planning, real estate activities contributed approximately 820.7 million Omani rials to the gross domestic product (GDP) by the end of September 2024, reflecting the booming real estate market in the country.

The report also revealed that mortgage contracts accounted for the largest share of total transactions, surpassing 2.2 billion Omani rials, while sales contracts amounted to 1 billion Omani rials, and exchange contracts reached 13 million Omani rials.

Increase in Foreign and Gulf Investments

The report confirmed the continued influx of foreign investments into the Omani real estate market, with foreign real estate transactions rising to 77.7 million Omani rials, achieving a 19.4% growth compared to 2023.

Meanwhile, Gulf real estate transactions recorded 38.1 million Omani rials, reflecting a 16.5% increase in 2024.

Exceptional Growth in Various Governorates

Omani governorates experienced varying performance in the real estate market. South Al Batinah led as the fastest-growing governorate with an increase of 244.4%, reaching 1.2 billion Omani rials in transactions.

North Al Batinah followed with a 122.8% growth, then Al Dakhiliyah at 119.2%, and North Al Sharqiyah at 101.6%.

Meanwhile, Dhofar witnessed a 41.1% increase, Musandam grew by 27.6%, Al Buraimi by 25.6%, and Al Wusta by 10.6%.

Conversely, Muscat saw a slight increase of 1.7%, while South Al Sharqiyah and Al Dhahirah recorded declines of 9.7% and 10.7%, respectively.

These figures reflect a thriving real estate market in Oman, driven by growing local and foreign investments and increased confidence in the sector.

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