Real Estate

While Oman’s property market remained relatively slow in 2011, the sector is showing signs of steady growth. In fact, property prices are now reported to be roughly three times what they were before the global slowdown. Overall, real estate contributed almost 4% to GDP in the first quarter of 2012. The sector does face challenges, most notably the shortage of affordable homes. Indeed, about 400,000 new units will be required by 2022 to meet the burgeoning housing demands of Omanis and foreign nationals. However, ongoing developments throughout the wider economy are affecting real estate in beneficial ways. Major investment in infrastructure is opening up new areas for development, and the burgeoning logistics sector is creating opportunities for warehousing and light industrial facilities.