Oman Residential Real Estate Market Size & Insights

As per recent study by MarkNtel Advisors The Oman Residential Real Estate Market size is estimated to grow at a CAGR of around 9.8% during the forecast period, i.e., 2024-30.

What are the Key DROs in the Oman Residential Real Estate Market?

Strategic Developments Enhancing Urban Living Propel the Oman Residential Real Estate Market – There has been a noticeable surge in the number of expatriates in Muscat, which has significantly increased the demand for rental accommodations. This shift has particularly highlighted the desirability of well-managed residential communities, known for their quality properties, professional management, and comprehensive amenities including retail, food & beverage outlets, and leisure facilities, making them top choices in the city. Further, in tandem with this growing demand, Oman has initiated several large-scale integrated housing projects. These developments are designed to offer mixed-use residential areas that comprehensively cater to the needs of their residents. For instance,

·        In 2024, the Oman government announced its plans for a USD 2.4 billion Omani Mountain Destination project in Jabal al Akhdar. The project is in alignment with Oman Vision 2040, which would include residences, hotels, and a health village.

Hence, these efforts would allow the country to reduce the supply-demand gap in the residential real estate sector, specifically in urban areas. These efforts also showcase Oman's proactive approach to urban development, ensuring high-quality living spaces within vibrant, fully integrated communities, catering to both local citizens and the growing expatriate community. Thus, the upcoming projects would further augment the size & volume of the Oman Residential Real Estate Market during the forecast period.

What are the Key Segments in the Oman Residential Real Estate Market?

The Oman Residential Real Estate is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

By Type

·       Apartments and Condominiums- Market Size & Forecast 2019-2030F, USD Million

·       Villas and Landed Houses- Market Size & Forecast 2019-2030F, USD Million

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How does geographical analysis highlight in the Oman Residential Real Estate market?

By Region

·       North

·       Central

·       South

The North region, led predominantly by Muscat, held a considerable market share in the Oman Residential Real Estate Market, especially within the luxury and high-end residential segments.

Who are the Key Players in Oman Residential Real Estate Market?

Al Raid Group, Al Mouj Muscat, Al Taher Group, Wujha Real Estate, Orascom Development Holding AG, Maysan Properties SAOC, Harbor Real Estate, Savills, Hilal Properties, Edara Real Estate LLC, and others

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Oman Residential Real Estate Market News

• 2023: Al Mouj Muscat, a collaboration between Majid Al Futtaim Properties of the UAE and Oman Tourism Development Company (OMRAN), together with Tanmia Oman (Oman National Investments Development Company), has introduced Jinan Island. This exclusive enclave comprises 43 luxurious villas, each boasting five to six bedrooms and situated amidst a serene lake and expansive parkland.
• 2023: Orascom Development Holding AG, an internationally acclaimed developer, has partnered through its subsidiary, Muriya, with OMRAN, the leading governmental arm for tourism development in Oman, to launch Amazi. This new and highly sought-after waterfront residential resort is situated in Hawana Salalah and was designed by the esteemed SB Architects.

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• In-depth Market Analysis: Understand trends and dynamics shaping growth.
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• Risk Identification: Pinpoint challenges to inform strategic planning.
• Future Forecasts: Prepare for market changes with actionable projections.

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