Investor interest in Oman’s real estate market has increased, and before the end of 2024, real estate transactions will have increased by about a third.
According to the National Centre for Statistics and Information, the sultanate’s real estate transactions were worth RO3.13 billion ($8.1 billion) by the end of November 2024, a 28.1% increase from the previous year.
In comparison to the same period in 2023, the value of sale contracts increased by 1.9% to over RO1 billion, while mortgage deals increased by 44.8% to over RO 2.1 billion.
According to preliminary data, the number of title documents granted to GCC individuals increased by 6.8% to 1,325 by the end of November last year, compared to 1,241 during the same period in 2023, indicating a high demand for Omani real estate from investors in the Gulf region.
Due to actions that are attractive to investors and a favorable economic outlook, interest in Oman’s real estate market has been increasing.
The sultanate has implemented a number of reforms, such as tax breaks for developers and simplified real estate regulations for non-citizens, in an effort to draw in foreign investors.
According to Hamptons International Oman, the residential real estate industry in Oman is anticipated to expand at a rapid pace of 3.7% annually, reaching a market value of $358 billion by 2029.
Oman’s real estate market was dominated by residential properties in the first half of 2024, as investors looked to purchase opulent waterfront homes. According to the real estate firm, buyers also like residences with top-notch features like swimming pools, sophisticated gyms with spas, and beautifully planted gardens.
