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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.”
With 70% of FDI in Oman in coming years expected to be channeled into real estate, he said the sector will have a positive impact by activating the role of small and medium sized companies engaged in supply, contracting, construction, building materials and other related businesses.
“What the sultanate is witnessing at this stage in offering numerous opportunities to investors in real estate development and tourism projects is unprecedented and aligns with government directives,” Harrasi added.
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