Oman set for strong property sectors in 2012

Buoyed by high oil prices and a robust economy, the residential property market in Oman is set to remain strong in 2012 but, under the constraints of a continuing oversupplied market, buyers and tenants will very much be governing the sector, according to a new analysis.

Cluttons, the leading real estate experts that has maintained a steady offering in Oman since 1986, says that while average tenant budgets have fallen over recent years, the expectations of tenants have risen as they seek greater quality and value for money.

Tenants will continue to look for well designed and built properties with features such as good quality fixtures and fittings, outdoor space, excellent maintenance and leisure facilities. It is apparent that tenants are increasingly willing to compromise on the size and even location of a property rather than on its quality.

Cluttons foresees a two tier market continuing to develop where well designed properties suited to tenant desires have relatively stable rental values and high occupancy rates, while properties which are poorly designed or built have declining rental values and increasing voids. In 2012 landlords will have to work harder to compete and provide real value for money by meeting tenant expectations.

Source: PropertyWire.com