Muscat – Real estate trading in North Batinah has experienced a remarkable surge, with transactions increasing by 157% in the third quarter of 2024, according to Ali bin Ahmed al Maashani, Director General of Housing and Urban Planning in the governorate.
Al Maashani highlighted that the Directorate of Housing and Urban Planning is committed to executing high-quality housing projects that cater to the needs of citizens and foster social stability. This initiative is backed by collaborative efforts with various government and private entities, aiming to accelerate the development of joint projects and contribute to the sustainable development of North Batinah.
Real Estate Trading Breakdown
In the third quarter of 2024, the total value of real estate transactions in North Batinah reached approximately RO 184 million. This total comprises RO 162 million in real estate mortgages and RO 21 million in sales contracts. The Q3 figures represent a sharp 157% increase compared to the second quarter of 2024, which saw RO 71 million in transactions.
Among the various regions within North Batinah, Liwa led the way in mortgage trading, accounting for 65% of the total, while Suhar recorded the highest number of sales contracts, making up 32% of the transactions.
Growth in Foreign and Gulf Investments
Maashani also pointed to an increase in foreign and Gulf real estate trading. Foreign investments grew by 1.7%, while Gulf investors showed a 2.2% increase in their activity in the North Batinah real estate market. This uptick underscores the growing appeal of the region’s real estate sector, which has become increasingly attractive to both domestic and international investors.
Key Housing Developments
In line with the region’s growth, several key housing projects are underway to further enhance the local real estate market:
The Hey al Majd project in the Muwailih area of Suhar is one of the most prominent developments. Spanning over 370,000 sqm, the project will offer 1,057 diverse housing units with an investment value of RO 50 million. The development is designed to serve as a model for integrated residential communities, combining housing with essential services to create a modern and sustainable living environment.
Additionally, the ministry has distributed 139 housing units worth over RO 4 million to eligible residents in the governorate, reinforcing efforts to promote social stability and improve living conditions.
Usufruct Contracts and Other Developments
The Directorate of Housing and Urban Planning has also made notable progress in the area of usufruct contracts, with 115 contracts signed this year. These include 68 industrial contracts, 29 agricultural contracts, and 18 residential and commercial contracts. The total fees collected from these contracts exceeded RO 91,000, indicating significant economic activity in the region.
Conclusion
The surge in real estate transactions in North Batinah during Q3 2024 reflects a growing demand and a buoyant property market. With the continued development of key housing projects and the increase in both local and foreign investments, the region’s real estate sector is well-positioned for sustained growth, contributing to the broader economic stability and development of the governorate.
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