Market studies already show that total investments into the real estate sector in Oman have already reached $4.2 billion in 2007, up from $0.75 million in 2005.
That is expected to continue, with analysts from property consultants Eqarat.com predicting the value of demand will top $20.8 billion by 2010. It also said residential properties are emerging as the highest income yielding investments in the Sultanate.
Industry reports also indicate that the average price per square metre for residential land in Oman increased by 253%, reaching $135 per square metre in 2007 compared to $38 in 2005.
'We are expecting further growth in the Oman real estate market and are expanding our activities to increase our presence and strengthen our hold of the real estate services sector in the Sultanate. We expect to partner with leading developers in Oman over the next three years,' said Ali Hussein Al Rahma, CEO, Eqarat.com.
New projects are being announced on a weekly basis. Many more projects are being marketed to international buyers, according to Dubai based ETA Star Properties. 'It is vital to look to overseas investors. We are looking to sell to both local and international buyers,' said a company spokesman.
It has recently announced plans for a $1.04 billion development in Muscat in a joint venture with Oman Holding International to build 5,000 apartments in a mixed use project that will also include office and retail space.
'This is just the tip of the iceberg and there's immense potential to develop property in Oman, which is witnessing robust, all-round growth. The property market in the GCC is growing at breakneck speed and Oman is fast catching up with this upswing,' said Maqbool Hamed Al Saleh, Chairman of the OHI Group.