The Rise of Oman’s Real Estate Market: Insights and Trends for 2023
Oman’s real estate market is on the rise, with transactions surpassing OMR2.6 billion by the end of 2023. The rental sector emerges as a key driver of growth, showcasing shifting trends in the sultanate’s real estate landscape.
Data from the National Center for Statistics and Information (NCSI) reveals a significant uptick in the value of lease contracts, increasing by 18.3 percent to OMR1.55 billion. This surge in rental transactions signifies a strong demand for residential and commercial properties in Oman.
While the rental sector thrives, the sales segment experienced a slight decline, with both the value and number of sale contracts decreasing. Despite this dip, Oman’s real estate market remains robust, supported by infrastructure projects and government initiatives.
Ownership deeds recorded in 2023 reached 235,390, with a modest increase of 0.9 percent. The significant growth in ownership deeds granted to GCC citizens, up by 48.9 percent, highlights the attractiveness of Oman’s real estate market to regional investors.
The government of Oman is actively implementing measures to bolster the real estate sector, including regulatory reforms and infrastructure projects. Urban planning initiatives like the Muscat City structural plan and developments in major centers like Sohar and Salalah demonstrate a commitment to sustainable growth.
With a focus on sustainable urban development and enhancing the quality of life, Oman is set to maintain its momentum in the real estate market and capitalize on emerging opportunities in the future. Stay tuned for more updates on the real estate sector in Oman.
