Rents expected to stabilise in six to 12 months – Times of Oman

Rents expected to stabilise in six to 12 months – Times of Oman

Muscat: Real-estate companies in Oman expect rents to take at least six months to one year to pick up again, having fallen as a result of the COVID-19 pandemic.

Measures have been taken to allow deferment or reduction of rents for tenants who cannot pay their usual rents, but property owners and lessors have made it clear that only those whose income has been affected by COVID-19 will be provided this relief.

"There has been a significant drop in rent from both sources,“ admitted Mohammed Al Zadjali, the owner of Triangle Real Estate Investment. "We do anticipate rents to pick up again, but they will rise gradually. It will take some time - six months to a year. It is not a good time now for rents to pick up again, nor will they pick up very fast, so it will take some time for rents to recover.“

"Landlords should also help tenants during this time and reduce the rents by at least half their value, or give them even a two or three month waiver, if possible,“ adds Al Zadjali. "They are facing a struggle. We knew there would be an impact on the commercial and residential real-estate properties in Oman, from