The residential real estate market in Oman size was valued at USD 3.67 Billion in 2022 and is likely to reach USD 8.10 Billion by 2031, expanding at a CAGR of 9.19% during the forecast period, 2023–2031. The growth of the market is attributed to increasing demand for housing real estate space Moreover, rapid urbanization owing to the migration in search of better amenities is driving the market growth.
Residential real estate is an area developed for people to live in it. Some people purchase real estate in intention of making money, by selling it at a profit, leasing it to others, or charging people for the rent. Most people in the country use residential real estate property to live on it.
The real estate market involves buying and selling of condominiums, villas, and houses for personal or business use. Residential real estate business has been growing exponentially owing to the presence of established players entering the market. Government reforms and lower rentals and mortgage rates in the developing countries are expected to boost the market during the forecast period.
Residential real estate consists of housing for individuals, families, and groups of people. This is the most common type of estate and also the asset class that most of the people are familiar with, across the globe. Within the residential space, there are single-family homes, apartments, condominiums, townhouses, and other types of living arrangements.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing number of affordable units of housing are expected to propel the market growth in the coming years.
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Rising population in the country is anticipated to act as a major driver for the residential real estate market in Oman.
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Political uncertainty in the country is hampering the market growth. This, in turn, has created hesitation for the investors, as ROI is unsure on the projects.
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The COVID-19 pandemic had disrupted the housing market across the globe. Decreasing disposable income owing to close of manufacturing facilities and corporate offices have decreased the sales of real estate properties. Moreover, the fear of the third wave of the pandemic is expected to maintain pressure on the market.
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Amidst the pandemic, government-owned and private lenders have decreased the interest rate to revive the economy, which is expected to stimulate the market growth. Moreover, government initiatives to introduce stimulus package is expected to positively influence the growth of the market.
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Rising development and investment supported by favorable regulations are expected to boost the market growth during forecast period.
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The National Program for Enhancing Economic Diversification (Tanfeedh) is offering tax exemptions to investors, competitive advantages on imports, and customs duties, which is expected to drive market growth during forecast period. Thus, government initiatives to implement policies to encourage foreign investments can create lucrative opportunities for new entrants and emerging players in the market.
Scope of Residential Real Estate Market Report
The report on the residential real estate market in Oman includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Residential Real Estate Market - Oman Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Condominiums, Villas, and Others)
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Geographic Zone
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Oman
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Al Mouj Muscat, Majan Development Company, Wujha Real Estate, and Al-Taher Group.
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Residential Real Estate Market in Oman Segment Insights
Villas segment is projected to hold a key market share
On the basis of types, the market is segmented into condominiums, villas and others. The villas segment is expected to hold a key market share during forecast period. Rising number of tourists is influencing the development of villas in the country. Moreover, increasing preference of Oman-based citizens to live in villas is driving the growth of the market segment.
The others segment is expected to exhibit a high CAGR during the forecast period. Increasing inflation rate and rising cost of villas are encouraging citizens to buy apartments in affordable housing projects. However, the decline in the permit for the establishment of residential buildings can impede the segment growth.
Segments
The Oman residential real estate market has been segmented on the basis of
Types
- Condominiums
- Villas
- Others
Country
Key Players
Competitive Landscape
Key players competing in the Oman residential real estate market includes Al Mouj Muscat, Majan Development Company, Wujha Real Estate, and Al-Taher Group.
Major industry players are partnering with government entities to expand their market share. Moreover, they’re focusing on the development of affordable housing projects to leverage their market position.
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