JANUARY 28, 2024

Oman sought-after choice for real estate investment

Demand for real estate in the Sultanate of Oman has been on the rise post pandemic after the country positioned itself as the first choice for people to buy or own a house, which is partly driven by notable increase in the expatriate population over the last 18 months and strategic investment in the economy, according to Oman Property Report 2023 by Savills.

Fetching the results of all-round efforts of the government and the private players, the real estate market in Oman is expected to touch $324.60 billion in 2024.

Underlining the reports, residential real estate dominates the market with a projected market volume of $239.20 billion in the same year out of all different segments.

Looking at the issues worldwide, there are more and more people who want to settle down in a country like Oman as is witnessed in the recent past. This is manifested by the surge in demand for real estate in Dhofar Governorate, especially in the Wilayat of Salalah, where more Europeans are opting to settle down, thanks to the tax-free life as well as clean and beautiful environment.

Speaking to the Observer on the sidelines of the launch of Raya, Wael al Lawati, CEO of Muriya, a partnership between Orascom Development Holding (ODH) and the leading government arm for tourism development in Oman, Oman Tourism Development Company (Omran), said that the ease in doing business and getting the formalities done in few minutes have turned Oman a favourite for many who wish to open their own business and settle down in Oman.

"Real estate sales last year and initial signs seen this year indicate that the demand is showing an upward trend and that is the very reason we are focusing more on European roadshows to attract our clients and encourage them to choose Oman as their home. The post pandemic scenario is not just promising but it is booming," said Wael al Lawati.

Efforts are currently on to promote not just real estate but the country as a destination for their primary or secondary home and these efforts are really fetching results.

In terms of prices of housing in Oman, Wael said they are several times lower than many other countries in the region which offer homes and Oman prices are highly competitive in terms of housing units of various sizes.

In terms of those who invest in properties for yielding income every month, the rental properties in Oman promise gross rental yields from 5.6 per cent and 8.3 per cent, according to data provided by Numbeo.

"There has been a demand for both individual housing as well as family units which shows the Sultanate of Oman is a highly preferred destination for those who opt for primary and secondary homes and those who want to settle down in the country," added Wael.