Oman’s real estate market sees recovery

Oman’s real estate market sees recovery

Strong and positive momentum is expected to continue in the Sultanate of Oman's real estate sector thanks to the shifting trends suggesting that the property market is once again on the investor radar.

After softening demand due to the pandemic, the real estate market has seen an upswing since the third quarter of the previous year, backed by a solid structural foundation and gain in demand.

Along with a slew of decisions and measures, the Omani government's new ownership scheme that allows foreigners to own properties outside integrated tourism complexes (ITC) is expected to attract capital investments in the property market.

Dr Khalid bin Saeed al Ameri, Chairman of the Board of Directors of the Omani Economic Association, in a dialogue session last week, invited proposals from the real estate experts to come up with visions that can contribute to increasing the sector's attractiveness to investors.

"The flexibility of laws, legislation, and regulatory and incentive measures taken in the real estate sector has a direct role in stabilising real estate markets and maintaining investor confidence", he said.

The meeting reviewed purchasing power, such as the impact of value-added tax on residential sales, the availability of financing and interest rates, and availability and clarity of data,