In the third quarter of 2024, North Batinah’s real estate market grew by 157%, according to Ali bin Ahmed al Maashani, the governorate’s director general of housing and urban planning.
According to Maashani, the Directorate of Housing and Urban Planning is working on high-quality housing projects that are intended to satisfy the demands of the populace and advance social stability. For housing and planning projects, the directorate works closely with several public and private organizations, looking for ways to expedite the execution of collaborative projects. The goal of these initiatives is to support North Batinah’s sustainable development.
Maashani went on to say that the governorate’s real estate market experienced tremendous expansion in the third quarter of this year, with a total value of almost RO184 million. Real estate mortgages accounted for RO162 million of this, while sales contracts accounted for RO21 million. Compared to the second quarter, when trading totaled RO71 million, the total amount for Q3 2024 represented a 157% rise.
Maashani claims that Suhar had the most sales contracts (32%), while Liwa was the leader in mortgage trading (65% of the total).
He pointed out that both foreign and Gulf real estate trading had increased, with the former gaining 1.7% and the latter 2.2%.
This expansion demonstrates how appealing the North Batinah real estate market is to investors from both inside and outside the sultanate.
According to Maashani, the Hey al Majd project in Suhar’s Muwailih neighborhood is now under construction in keeping with initiatives to support sustainable communities. With an investment worth of RO50 million, the project will include 1,057 varied dwelling units spread across more than 370,000 square meters. By fusing housing with necessary services to provide a contemporary living space, the development is intended to serve as a model for integrated residential neighborhoods.
In order to foster social stability, the ministry has also distributed 139 housing units valued at over RO4 million to qualified citizens of the governorate.
With 115 contracts executed this year, including 68 industrial, 29 agricultural, and 18 residential and commercial contracts, the directorate saw a notable increase in usufruct contract activity. Over RO91,000 in fees were received overall from these contracts.
