Real estate sector set to grow post-pandemic

The real estate sector is growing, and it is poised to see good growth post-pandemic.

According to Siham bint Ahmad al Harthy, real estate expert and co-founder of Asawer Real Estate, the sector has growth potential, as it is open for investment for both foreign and local investors.

The Asawer Real Estate is the force behind the ambitious Muscat Pavilion project.

Speaking to the Observer on the sidelines of the launch of the project, she said, "The set of initiatives announced before and during the pandemic would fetch positive results in the coming months."

"We will leave the scars of the pandemic and march forward with life full of action. The sector is poised to grow manifold, and this sector is a good option for both local and foreign investors," she added.

In the background of the recent announcement that foreigners can own property in the Sultanate, the Muscat Pavilion is a landmark project that can boost the real estate sector and help attract investment. The event was held under the auspices of Sayyid Saud bin Hilal bin Hamad al Busaidy, Minister of State and Governor of Muscat, in the presence of dignitaries, media professionals and journalists.

"To achieve substantial growth in the real estate sector, we need to change the ways at which we look at things. One of them is the traditional way we managed our offices and organisations. The solution is creating smart offices and workplaces where we need to incorporate more modern amenities," she adds.

A plethora of initiatives is listed to be the substantiating factors behind the projected growth. Besides allowing expatriates to own properties in mixed-use residential and commercial buildings, the reduction in the real estate transaction fees from five per cent to three per cent, and consent for the developers to add additional floors to their buildings for a fee, are measures that can boost the sector.

The real estate fees raised to five per cent in 2016, were reduced as the earlier decision resulted in slouching revenues to the Ministry of Housing and Urban Planning. The real estate fees were reduced after consultations with the representatives of the real estate sector and the ministry and fixed at pre-2016 levels.

"People can opt to invest in real estate for many reasons. The first being their choice and the second being their economic and financial reasons, and they can have greater impacts on the sector in the days to come."

She further said that the present project meets the requirements of the Omani market for offices with high-quality specifications, characterised by privacy and tranquility in a strategic location, and contributes to the growth and development of businesses in the Sultanate.