Commenting on the report, Khalil Alzadjali, Head of Cavendish Maxwell in Oman, said, “Oman’s real estate market showed slow growth in 2018, but there were improvements in certain areas.

"Real estate transactions increased by 1.2 per cent compared to 2017, although sales contracts decreased by a percentage point. Other significant areas of development have been in the tourism and industrial sectors, with new hotel room inventory and industrial estates expected to be added in 2019."

This marks the second comprehensive report on the health of Oman’s real estate industry, covering the residential, office, industrial, retail and hospitality sectors within the industry.

Looking ahead to 2019, the report says Oman continues to offer significant investment opportunities, thanks to its growing non-oil economy, particularly in the aforementioned tourism and industrial sectors, as well as in Integrated Tourism Complex (ITC) developments. 

In the residential sector, prices continued to decrease as demand remained subdued overall. The report indicates that Muscat’s residential market continues to be oversupplied with apartment blocks, despite a gap in the market for high-quality villas and townhouses. 

New regulations and incentives from Oman’s Ministry of Tourism have helped boost Oman’s hospitality sector. Cavendish Maxwell also notes that there are currently 72 hotels under construction in Oman, amounting to a total of 6,604 rooms.

By the end of 2019, 55 of those developments are expected to be completed, adding 4,763 rooms to the Sultanate’s hotel supply, providing a much-needed boost to the tourism infrastructure. 

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