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Muscat: Despite economic challenges, the real estate sector in the Sultanate of Oman has remained resilient and even grown. This is the main takeaway from the recently released Real Estate Industry Report 2024 by Tibiaan Properties, one of the country’s leading real estate companies, managing a rich portfolio of apartments, villas, condominiums and land, as well as commercial real estate.
The report highlights key developments and trends affecting the real estate sector. Despite ongoing challenges such as footfall issues and the impact of geopolitical unrest on the supply chain, the report reveals the resilience of Oman’s real estate sector. Many businesses have adapted to the situation by maintaining larger inventories and modifying operational strategies to mitigate supply chain disruptions.
A key finding of the report is that Oman’s economy will continue to recover in 2023, driven by government initiatives and positive measures. Despite a slight decline in oil production, overall economic activity is still growing, especially in development projects and non-hydrocarbon sectors. This growth is supported by an increase in the number of expatriates employed in various industries, indicating a diversified economy.
One important aspect highlighted in the report is the implementation of 11 large-scale projects under the Public-Private Partnership (PPP) scheme. These projects cover sectors such as transport and logistics, health, education, agriculture and fisheries, construction and information technology. These initiatives are expected to boost Oman’s long-term economic growth and stability and attract domestic and foreign investment opportunities.
Younis al Harrasi, CEO of Tibiaan Properties, said: “However, the successful implementation of these projects depends on a comprehensive and aggressive marketing and promotion campaign in both the short and long term. It is essential to highlight these opportunities to attract investment and participation from local and international stakeholders.”
The Omani real estate market is set to grow further with the announcement of major projects such as the Souroh and Sultan Haitham City projects. These projects represent significant investments in the real estate sector, providing housing solutions and contributing to infrastructure development across Oman.
In addition, the government has allocated approximately SR900 million for the implementation of development projects in the Sultanate of Oman until 2024, further underscoring the government’s commitment to promoting growth and economic development. The budget includes allocations for provincial projects and additional funding for key sectors, demonstrating the government’s strategic approach to sustainable development.
Judging from the positive trends observed, including a slight increase in the Consumer Price Index (CPI) in 2023, Oman’s real estate sector is expected to grow and recover amid global economic pressures. The report highlights the importance of strategic marketing, human resource development and comprehensive promotional activities to maximize the potential of ongoing initiatives and attract investment opportunities.
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