According to Cavendish Maxwell, Oman’s real estate market witnessed slow growth in 2018 but there were improvements in certain areas.
Oman Market Report for 2018 showed that the real estate transactions increased by 1.2 percent compared to 2017, although sales contracts decreased by a percentage point.
Prices in the Oman real estate sector continue to fall. Although the Muscat housing market has a gap in the market for villas and town houses, it continues to increase with apartment blocks. In 2018, demand for business centers decreased. The decrease in this demand is due to the lower cost of office calls by the firms. Demand for Grade A stock is expected to remain stable and developers should benefit from current market conditions and lower costs to build.
Cavendish Maxwell pointed out that despite weaker consumer sentiment and sluggish market conditions, the retail sector witnessed developers adding more space to the existing stock in Oman, particularly in Muscat. In 2018, several new malls entered the retail market, including Landmark Group’s Oasis Malls in Sohar and Salalah. Al Araimi Boulevard, Mall of Oman and Mall of Muscat will all add more retail space as they near completion.
Cavendish Maxwell is leading a leading real estate consultancy and chartered surveying firm. It was established in 2008. It has partnered with some of the world’s most iconic developments and projects and led the way in providing property consultancy services across the Middle East & Africa.
Source: Trade Arabia
Fulya Altunyay/[email protected]