MUSCAT: The real estate sector in the Sultanate of Oman remains resilient and even grows despite economic challenges. This is the main takeaway of the Real Estate Sector Report 2024 published recently by Tibiaan Properties, one of the leading real estate companies in the country, managing a rich portfolio of apartments, villas, condos and land, as well as commercial real estate.
The report highlights key developments and trends that are shaping the real estate industry. Despite ongoing challenges such as footfall concerns and the impact of geopolitical turbulence on supply chains, the report reveals the resilience of the real estate sector in Oman. Many businesses have adapted by maintaining larger inventories and revising their operational strategies to mitigate supply chain disruptions.
One of the significant findings in the report is the continued economic revitalisation in Oman in 2023, driven by government initiatives and proactive measures. Despite a slight decline in oil production, the overall economic activity has shown growth, particularly in development projects and the non-hydrocarbon sectors. Increased expatriate employment in various industries has supported this growth, indicating a diversification of the economy.
An essential aspect highlighted in the report is the implementation of 11 sizable projects under the Public-Private Partnership (PPP) programme. These projects cover sectors such as Transport & Logistics, Health, Education, Agriculture & Fisheries, Construction, and Information Technology. These initiatives are expected to bolster long-term economic growth and stability in Oman and attract investment opportunities both locally and internationally.
Younis al Harrasi, Chief Executive Office of Tibiaan Properties says, “However, the successful realization of these projects hinges on a comprehensive and aggressive marketing and promotion campaign, both in the short and long term. It is crucial to highlight these opportunities to attract investment and participation from both local and international stakeholders.”
The real estate market in Oman is set to witness further growth with the announcement of key projects such as the ‘Integrated Residential Neighbourhood Project’ (Souroh) and the Sultan Haitham City project. These projects represent substantial investments in the real estate sector, providing housing solutions and contributing to the development of infrastructure in various regions across Oman.
Additionally, the government's allocation of approximately RO 900 million for implementing developmental projects in the Sultanate of Oman in 2024 further underscores the commitment to fostering growth and economic development. The budget includes provisions for governorate projects and additional funding for key sectors, indicating a strategic approach to sustainable development.
The real estate sector in Oman is poised for growth and resilience against global economic pressures, as indicated by the positive trends observed, including a modest increase in the Consumer Price Index (CPI) in 2023. The report emphasises the importance of strategic marketing, human resource development, and comprehensive promotion campaigns to maximise the potential of ongoing initiatives and attract investment opportunities.
Oman Observer is now on the WhatsApp channel. Click here
