Oman in Recovery Mode

Buoyed by higher oil prices, Oman’s economy is recovering well from the lows of 2016, and is projected to grow by 3.6% in 2018. If sustained in the longer term, this growth is expected to have positive impacts across the sultanate’s property market, according to leading international real estate consultancy, Cluttons, TNS reported. Cluttons’ Muscat Spring 2018 Property Market Outlook indicates the government’s strong push to boost overall economic growth has resulted in a number of very encouraging developments for the property market, such as the much-anticipated decision to allow the creation of a real estate investment fund. This will pave the way for investments in larger scale real estate projects at significantly lower price points and with far greater liquidity, in comparison to more traditional real estate investment. “The increased ability of both institutions and individuals to invest in income-generating real estate assets has the potential to provide a significant boost to the real estate sector in Oman, particularly since the regulations require that at least 75% of a REIF’s assets must be invested in the Sultanate,” Faisal Durrani, Head of Research at Cluttons, said.