• | 1:00 pm

Oman real estate market surges 6% to reach $6.7 billion

The key driver of this increase was the rental segment.

Oman real estate market surges 6% to reach $6.7 billion
[Source photo: Anvita Gupta/Fast Company Middle East]

Oman’s real estate sector is undergoing a dynamic shift characterized by a slowdown in traditional sales and a rising rent demand. Moreover, there is a notable increase in interest from GCC investors, signaling promising opportunities in specific segments.

The Sultanate of Oman’s property market is displaying positive momentum, with real estate transactions exceeding $6.7 billion by December 2023.

According to data from the National Centre for Statistics and Information (NCSI) reported by Oman News Agency, this marks a 6% increase compared to the previous year’s figure of $6.38 billion.

While the overall market witnessed growth, the primary driver of this increase was the rental segment, with the value of lease contracts soaring by 18.3% to $4.02 billion, indicating a surge in rental demand. However, the value and number of sale contracts followed a different trend, declining by 7.7% and 4.3%, respectively.

Despite the decline in sales, the total number of ownership deeds recorded in 2023 demonstrated a modest growth of 0.9%, reaching 235,390.

Interestingly, ownership deeds granted to GCC citizens experienced a notable increase of 48.9% to 1,316, suggesting growing regional interest in the Omani property market.

In July of the previous year, Oman approved 19 integrated tourism licenses, signaling a substantial investment commitment of $11.37 billion toward the hospitality and real estate sectors.

The ambitious initiative was launched to pave the way for developing expansive tourism and real estate projects. It is slated to introduce an impressive total of over 16,500 hotel rooms and 42,500 housing units nationwide.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.

More Top Stories: