Real Estate

Sentiment in Oman’s real estate sector remains cautiously upbeat in the face of a downturn in the global price of oil and the consequent impact on government spending plans in the sultanate. Residential rental prices have softened in some areas, with landlords preferring to trim prices to avoid untenanted periods in their properties, but in new fashionable developments lettings and sales have been holding firm. This is particularly true in the planned communities known as Integrated Tourism Complexes, which have been popular with Omanis as well as international buyers. In the retail and hospitality sectors several ambitious projects are either in the planning stages or under way, driven by optimism among larger corporate investors about the medium-term prospects of a country with a rapidly growing population and a long track record of peace and stability. This chapter contains an interview with Nasser Al Sheibani, CEO, Al Mouj Muscat.