RIYADH: Oman’s real estate market maintained its upward trajectory in 2024, with transaction values soaring 28.1 percent year on year to 3.13 billion Omani rials ($8.13 billion) by November, official data showed.  
According to data from the National Center for Statistics and Information, sale contracts in the sector rose 3.1 percent annually to 1.1 billion rials during the period, while the number of deals edged up 1.9 percent to 61,552, Oman News Agency reported. 
The robust performance underscores broader optimism in Oman’s property market, with market intelligence firm Mordor Intelligence forecasting the residential real estate sector to grow at a compound annual rate of 9.19 percent, increasing from $4.38 billion in 2024 to $6.80 billion by 2029. 
The government of Oman has introduced several initiatives to boost the growth of its real estate sector, including relaxing property ownership laws for foreigners and offering tax incentives to real estate developers. 
Oman’s population reached 5.27 million this month, with expatriates accounting for over 43 percent of the total, or 2.28 million people. The significant expatriate presence has been vital in driving demand for residential and commercial properties, particularly in urban centres. 
Oman Vision 2040, the country’s strategic development plan, further underscores the importance of sustainability and innovation in the real estate sector. 
Data from NCSI further revealed that the value of mortgage contracts surged by 44.8 percent year on year in the first 11 months of 2024, reaching 2.1 billion rials. 
However, the number of mortgage contracts declined by 12.2 percent during the January-to-November period, dropping to 18,846 from 21,461 in the same period of the previous year. 
Swap contracts also experienced significant growth, with 1,223 deals valued at 12.4 million rials by the end of November, an 18.1 percent increase from the previous year. 
The total number of issued properties reached 210,483 by the end of November, reflecting a slight 3.4 percent decline compared to the same period in 2023. 
Properties issued to Gulf Cooperation Council citizens saw a 6.8 percent annual rise, totalling 1,325 in the first eleven months of 2024. 

RIYADH: Saudis spent SR207.3 million ($55.2 million) on education between Dec. 29 and Jan. 4, marking a 25.8 percent increase compared to the previous week.

According to the weekly point-of-sale transactions bulletin, this sector recorded the largest positive change over the seven-day period. It also witnessed growth in terms of the number of transactions, surging by 0.6 percent to reach 131,000.

Overall, Saudi Arabia’s POS spending registered a weekly increase of 9.2 percent, reaching SR15.1 billion, up from SR13.8 billion the week before. Figures from the Kingdom’s central bank showed that the hotel sector saw the second-largest gain at 15.1 percent to SR400.6 million. 

Spending on recreation and culture followed, recording a 14.8 percent uptick to SR328.6 million. 

Transactions on jewelry recorded an increase of 12.8 percent to reach SR355.4 million, and expenditure on construction and building materials surged by 3.9 percent to SR399.9 million.

Similarly, spending on food and beverages also grew 3.9 percent to SR2.16 billion, claiming the biggest share of the total POS value.

Expenditure in restaurants and cafes followed, recording a 10.1 percent increase to SR2.13 billion.

Spending on miscellaneous goods and services accounted for the third biggest POS share, with a 12.3 percent uptick, reaching SR1.8 billion.

Transactions in the leading three categories accounted for approximately 40.8 percent or SR6.1 billion of the week’s total value.

At 2.8 percent, the smallest increase occurred in spending on gas electronics, leading total payments to reach SR176 million. 

Expenditures on transportation increased by 6.5 percent to SR140 million, while spending on public utilities surged by 7.3 percent to reach SR57.5 million.

Geographically, Riyadh dominated POS sales, representing around 33.8 percent of the total, with expenses in the capital reaching SR5.1 billion — a 7 percent decrease from the previous week. 

Jeddah followed with a 13.1 percent surge to SR2.1 billion, and Dammam came in third at SR755 million, up 8.5 percent.

Buraidah experienced the most significant surge in spending, increasing 13.5 percent to SR358.7 million. 

Tabuk and Abha recorded increases of 5.5 percent and 9.4 percent, reaching SR285.3 million and SR170.5 million, respectively.

Makkah and Jeddah saw the largest increases in terms of number of transactions, surging 11 percent and 8.5 percent, respectively, to 9.6 million and 27.4 million transactions.