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February 26, 2024
One of the primary drivers of the post-pandemic spike in Oman's real estate demand has been the country's economic recovery and the influx of expatriates back to the country. With Oman's expat population steadily growing and reaching pre-pandemic levels in 2022, demand for residential real estate has significantly increased, particularly for rental properties where expats are significant buyers. Property values also have a major upturn as a result of Oman's economy recovering, which has been fueled by favorable oil prices and a boom in business endeavors. The average price of residential real estate increased by 7% in 2022, and since the pandemic-induced downturn, real estate transactions have steadily improved.
A stable financial climate has also helped the real estate market, with lending rates staying the same despite inflation and rising interest rates, two worldwide economic issues. This stability has increased the market's resilience, as have measures that assist the residential and commercial real estate sectors.
Overall, the Oman real estate market has recovered well, providing promising opportunities for both investors and purchasers, even though it is still acclimating to the global economy. This post-pandemic spike signals a positive development for the market's stability and future expansion.
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February 26, 2024
Oman's residential real estate industry is now experiencing an increase in investment potential owing to a number of important factors. The market has recovered since the pandemic, propelled by rising interest from outside investors as well as domestic demand. By enacting legislation permitting foreign ownership outside of Integrated Tourism Complexes (ITCs) and providing a range of incentives for real estate developers, the government has taken important actions to support the industry.
Muscat, Oman’s capital, remains a hub for real estate investment, with increasing demand for both luxury and affordable housing. A growing number of expatriates and urban dwellers seeking modern, functional living spaces are also driving an increase in apartment and condominium projects in urban regions. The government's emphasis on reasonably priced homes is also increasing market liquidity, which improves the prospects for investments. The country's sophisticated infrastructure, changing regulatory landscape, and desire for a variety of housing options provide investors with a befitting chance of making money.
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