Rental market under pressure over expats exit from Oman

Rental market under pressure over expats exit from Oman

MUSCAT: Residential and commercial rents in the Sultanate continued to fall due to a combination of factors including the impact from COVID-19 pandemic, drop in expat population and low oil prices.“Expatriates play a significant role in influencing demand for real estate. Market conditions in both the residential and office space rental sectors in Muscat were already in slowdown or recession prior to the COVID-19 pandemic as a result of slow economic growth and negligible net population growth,”Ihsan Kharouf, head of Savills Oman, said.In a report published by the property advisor, it said that the ongoing pandemic has further deteriorated the economic landscape. While the long term impact of the pandemic on the sector is currently unclear, it is evident that there will be increasing challenges over the coming months.“The impacts