Ashraf Abo Arafe
A report by Globe Server, a global economic consulting firm based in Beijing, said the measures adopted by the Sultanate’s Government and demographic trends are expected to boost the growth of Oman’s real estate sector.
The report added that while the Sultanate’s real estate transaction figures still reflect a cautious macroeconomic environment, the measures taken could pave the way for the Sultanate’s real estate market to regain some dynamism in the future.
The report pointed out that the Sultanate continues to reorganize its economy in light of the low oil prices globally through financial adjustments and measures to promote economic diversification.
The report said that since half of the Sultanate’s population is under the age of 25 according to the National Centre for Statistics and Information (NCSI), this should help maintain demand for real estate with a particular focus on condominiums.
Sudhakar Reddy, CEO of Al Habib & Co. said that residential real estate will need to meet the demand of this emerging population group, which is likely to have a desire for modern housing in the form of apartments.
He noted that economic developments have helped to lower pressure on rents and high demand for affordable housing.
The report talked about an anticipated legislative package of laws relating to real estate purchases in the Sultanate to help the market adapt to the demand of non-Omanis and foreigners. Currently, foreign nationals from outside the GCC states can only own land in certain areas known as integrated tourism complexes (ITC), six of them were licensed as of 2016.
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