Cluttons: oman market remains stable
Oman's property market remains stable, the latest report from Cluttons has revealed.
The research shows that expat buyers are now dominating the rental market, with apartment supply growing across Muscat to meet demand. This consistent interest from overseas buyers is holding up the value of the centrally located flats, where further development opportunities are restricted. Other, equally established locations are also experiencing steady demand, although rental values overall are predicted to soften in the coming months as supply increases.
Cluttons has announced that it is now celebrating its 25th year of operating in the Sultanate - and things are looking up, with the economy fuelled by both oil and tourism.
"Tourism in Oman should receive a significant boost from the Sultanate being named one of National Geographic's top 20 destinations," reports Property Wire. "Furthermore, the capital, Muscat, has been chosen as the Capital for Arab Tourism for 2012 whilst also receiving an international accolade by the Lonely Planet as the second best city in the world to visit."
Coupled with the government's lowering of the tourist visa by 75 per cent, Oman's tourist industry can expect long-term growth, as coastal developments become increasingly attractive to buyers and investors. The real estate specialist's figures also point to a marked increase in the demand for one-bedroom and furnished apartments, although two- and three-bedroom flats still dominate the market.