Real estate projects can address the housing needs of citizens
Published: 01:05 PM,May 01,2024 | EDITED : 05:05 PM,May 01,2024
Muscat recently witnessed a significant economic event with the commencement of the 3rd Oman Real Estate Conference (OREX) held alongside Oman Design and Build Week (ODBW), shedding light on the pivotal role of the real estate sector. Central to this event is the fundamental necessity for every family to have access to suitable housing, enabling them to live in peace and security. The inability to secure adequate housing not only disperses an individual's focus and thoughts but also impairs their productivity at work. Consequently, nations endeavour to facilitate citizens' housing needs by establishing specialized banks to finance housing construction and fostering specialized companies to assist with villa and apartment design and construction, essential for every individual.
The 3rd Real Estate Conference, the 19th edition in the series, attracted a diverse array of real estate development companies and developers, both domestic and international. The Ministry of Housing and Urban Planning has forged numerous partnership and development agreements to establish planned projects and integrated residential neighborhoods across Oman, facilitating housing acquisition for individuals.
However, citizens still aspire to secure suitable land in proximity to their workplaces, enabling them to construct homes aligned with their abilities and financial means. This aspiration not only creates job opportunities in construction, design, and engineering but also addresses concerns regarding the dominance of large companies in the real estate sector, which often restricts the entry of new Omani talent. It is imperative to reconsider this dynamic to encourage more job seekers to engage in the property sector and ensure that benefits are distributed among a wider spectrum of citizens rather than being concentrated in the hands of a few large corporations, some of which repatriate profits overseas.
While continuing to engage with major development companies, it is essential to prioritize providing job opportunities for Omanis, akin to historical practices where citizen units were constructed by locals, rather than allowing monopolization by large corporations.
This event provided a platform for numerous companies to enter into development agreements and initiate sales in emerging cities across Oman. Additionally, it fostered dialogue sessions addressing trends and opportunities within the real estate sector and the government's strategies for tourism development.
The substantial presence of exhibitors and the participation of 10 international pavilions underscore the eagerness of domestic and international companies to contribute to the sector's growth and partake in future development projects, particularly those offering unique experiences in real estate tailored to individual housing needs, emphasizing luxury and comfort.
Primarily, what the Omani individual seeks is access to suitable land for themselves and their families, aligning with the government's longstanding practice of granting land plots to citizens since the 1970s. With the Ministry focusing on diverse real estate projects, citizens now have multiple options to address their housing requirements.
Haider Al Lawati
The author is a Muscat-based economic analyst who previously worked for CBO and OCCI.
The 3rd Real Estate Conference, the 19th edition in the series, attracted a diverse array of real estate development companies and developers, both domestic and international. The Ministry of Housing and Urban Planning has forged numerous partnership and development agreements to establish planned projects and integrated residential neighborhoods across Oman, facilitating housing acquisition for individuals.
However, citizens still aspire to secure suitable land in proximity to their workplaces, enabling them to construct homes aligned with their abilities and financial means. This aspiration not only creates job opportunities in construction, design, and engineering but also addresses concerns regarding the dominance of large companies in the real estate sector, which often restricts the entry of new Omani talent. It is imperative to reconsider this dynamic to encourage more job seekers to engage in the property sector and ensure that benefits are distributed among a wider spectrum of citizens rather than being concentrated in the hands of a few large corporations, some of which repatriate profits overseas.
While continuing to engage with major development companies, it is essential to prioritize providing job opportunities for Omanis, akin to historical practices where citizen units were constructed by locals, rather than allowing monopolization by large corporations.
This event provided a platform for numerous companies to enter into development agreements and initiate sales in emerging cities across Oman. Additionally, it fostered dialogue sessions addressing trends and opportunities within the real estate sector and the government's strategies for tourism development.
The substantial presence of exhibitors and the participation of 10 international pavilions underscore the eagerness of domestic and international companies to contribute to the sector's growth and partake in future development projects, particularly those offering unique experiences in real estate tailored to individual housing needs, emphasizing luxury and comfort.
Primarily, what the Omani individual seeks is access to suitable land for themselves and their families, aligning with the government's longstanding practice of granting land plots to citizens since the 1970s. With the Ministry focusing on diverse real estate projects, citizens now have multiple options to address their housing requirements.
Haider Al Lawati
The author is a Muscat-based economic analyst who previously worked for CBO and OCCI.