Real estate sector sees 6% growth

Real estate sector sees 6% growth

The real estate sector is expected to attract about 70% of the total foreign direct investment in Oman in the coming years.Muscat – The real estate sector in Oman is experiencing steady growth, with trading volume in 2023 increasing 6%. This growth is expected to continue in the coming years owing to recent announcements of large projects, particularly Sultan Haitham City. The sector is expected to attract about 70% of the total foreign direct investment (FDI) in Oman in the coming years.

Data from the National Centre for Statistics and Information shows the total value of real estate trading in Oman was close to RO587.5mn in the first quarter of 2024.

Investments from Kuwait were the highest in 2023 amounting to RO26.7mn across 319 real estate deals. India followed with RO12.2mn in 70 transactions and United Arab Emirates investments worth RO5.3mn across 319 transactions.

Younis bin Khasib al Harrasi, Chairman of Oman Real Estate Association, noted the positive economic impact of recent real estate development projects. “These large projects represent a promising opportunity for investors, especially with government incentives and facilities such as residency ranging from five to ten years under the Investor Residency Programme.”

Younis bin Khasib al Harrasi, Chairman of Oman Real