Oman Commercial Real Estate Market

Oman Commercial Real Estate Market by Type (Offices, Retail, Industrial, Logistics, Multi-family, and Hospitality) and Cities (Muscat, Sohar, and Dhofar) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: CM-1772
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 3
  • No. Of Pages: 215
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The Oman commercial real estate market size is expanding at a CAGR of 11.12% during the forecast period, 2021–2028. The growth of the market is attributed to the recovery of oil prices.

Oman Commercial Real Estate

Some of the key factors predicted to stimulate private sector investment in Oman includes the completion of the new Muscat International Airport, which might improve the country's GDP development. This expansion is expected to boost the country's commercial real estate sector's performance. Despite lower consumer confidence and lower retail sales as a result of poor market circumstances, a substantial amount of retail space is being added to the country's current stock, mostly in the capital. Due to changing consumer tastes, the country's retail environment is progressively transitioning away from stand-alone retail establishments and toward bigger format malls. Corporate demand, leisure, meetings, conferences, and the Oman Convention and Exhibition Centre (OCEC), which opened in 2016 to attract a wide spectrum of business visitors from around the world, are some of the key drivers driving hotel industry growth in Oman. In 2018, the total number of hotels in Oman was 412.   

In 2017, the Capital Market Authority (CMA) of Oman published the legal framework for the establishment and trading of real estate investment trusts (REITs) in order to promote investment in the Oman real estate sector. By enabling Omani citizens, including ex-pats, to acquire a portion of a real estate development on the Muscat Securities Market, the rule provides a wonderful opportunity for them.


The hospitality industry in Oman has been steadily growing. The hospitality industry is experiencing an uptick in building activity, with roughly 72 new hotels set to open in 2019. By the end of 2019, 55 of these projects are projected to be finished, potentially adding 4,763 rooms to the country's total hotel supply. The increase in hotel building activity across the nation is expected to continue during the projected period, with additional hotel projects set to open, boosting demand in the hospitality industry even more. Oman's industrial sector has also maintained a steady growth rate, thanks to ongoing investments aimed at strengthening the country's manufacturing base. The manufacturing sector's contribution to Oman's GDP grew to OMR 2,914.40 million in 2018 from OMR 2,709.31 million in 2017.   

Oman also offers nine "industrial estates" with inexpensive leasing and energy costs, reduced customs charges, and five-year tax breaks for businesses. Knowledge Oasis Muscat, one of Oman's industrial parks, enables technology firms to be owned entirely by foreigners. The planned Khazaen Economic City on the southern highway reflects Oman's future industrial and logistical strategy, connecting hubs with northern ports and airports with similar zones in Duqm and Salalah. With additional development possibilities for companies, this expansion in the industrial sector is expected to enhance demand for commercial real estate in the country.       

Market Trends, Drivers, Restraints, and Opportunities

  • Rising recovery of oil prices is estimated to boost the market growth during the forecast period.
  • Production of natural gas production at the Khazzan gas field is projected to fuel the market expansion in the coming years.

Scope of the Report

The report on the Oman commercial real estate market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Oman Commercial Real Estate Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Type (Offices, Retail, Industrial, Logistics, Multi-family, and Hospitality)

Regional Scope

Muscat, Sohar, and Dhofar

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Majan Development, Al Taher Group, Wujha, Al Raid, and Shanfari Group

Industrial segment is projected to account for a large market share

In terms of type, the Oman commercial real estate market is segmented into offices, retail, industrial, logistics, multi-family, and hospitality. The industrial segment is expected to account for a key share of the market in the coming years due to industrial contributions to GDP are projected to gain from projects established in the country's free-trade zones, thanks to increased government backing for new foreign direct investment (FDI) initiatives and ongoing infrastructure investment. On the other hand, the retail segment is anticipated to expand at a rapid pace during the forecast period owing to changing consumer preferences.

Oman Commercial Real Estate

Muscat is expected to dominate the market

On the basis of cities, the Oman commercial real estate market is categorized as Muscat, Sohar, and Dhofar. The market of Muscat is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to boosting investment in the real estate market.

Oman Commercial Real Estate

Segments

Segments Covered in the Report

The Oman commercial real estate market has been segmented on the basis of

Type

  • Offices
  • Retail
  • Industrial
  • Logistics
  • Multi-family
  • Hospitality

Cities

  • Muscat
  • Sohar
  • Dhofar

Key Players

  • Majan Development
  • Al Taher Group
  • Wujha
  • Al Raid
  • Shanfari Group

Competitive Landscape

Key players competing in Oman commercial real estate market include Majan Development, Al Taher Group, Wujha, Al Raid, and Shanfari Group.

Oman Commercial Real Estate Market

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Commercial Real Estate Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Commercial Real Estate Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Commercial Real Estate Market - Supply Chain
  4.5. Global Commercial Real Estate Market Forecast
     4.5.1. Commercial Real Estate Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Commercial Real Estate Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Commercial Real Estate Market Absolute $ Opportunity
5. Global Commercial Real Estate Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Commercial Real Estate Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Commercial Real Estate Demand Share Forecast, 2019-2026
6. North America Commercial Real Estate Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Commercial Real Estate Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Commercial Real Estate Demand Share Forecast, 2019-2026
7. Latin America Commercial Real Estate Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Commercial Real Estate Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Commercial Real Estate Demand Share Forecast, 2019-2026
8. Europe Commercial Real Estate Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Commercial Real Estate Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Commercial Real Estate Demand Share Forecast, 2019-2026
9. Asia Pacific Commercial Real Estate Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Commercial Real Estate Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Commercial Real Estate Demand Share Forecast, 2019-2026
10. Middle East & Africa Commercial Real Estate Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Commercial Real Estate Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Commercial Real Estate Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Commercial Real Estate Market: Market Share Analysis
  11.2. Commercial Real Estate Distributors and Customers
  11.3. Commercial Real Estate Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Majan Development Al Taher Group Wujha Al Raid Shanfari Group

Segments Covered in the Report

The Oman commercial real estate market has been segmented on the basis of

Type

  • Offices
  • Retail
  • Industrial
  • Logistics
  • Multi-family
  • Hospitality

Cities

  • Muscat
  • Sohar
  • Dhofar

Key Players

  • Majan Development
  • Al Taher Group
  • Wujha
  • Al Raid
  • Shanfari Group

Key players competing in Oman commercial real estate market include Majan Development, Al Taher Group, Wujha, Al Raid, and Shanfari Group.

Oman Commercial Real Estate Market

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