Oman is situated beautifully in the confluence of the Arabian Sea, and the Persian Gulf has always tantalized the buyers with its awe-inspiring real estate industry and properties. But, the real estate industry witnessed its setback in the last few years due to the fall in oil prices.
But, positively, and hopefully, the real estate industry resurges with recovering oil prices. This resurge ensures that top opportunities are on the side of real estate buyers in matters of owning ahouse for rent in Muscat, Oman, or even a fully furnished flat for rent in Muscat.
Top Opportunities for real estate buyers in Oman
The supportive background
The sound health of the population, combined with greater levels of wealth, are the twin causes steering the Oman real estate market towards greater heights. Added with these, the economic recovery the nation has with the stabilized fuel prices contribute to the brighter future of the real estate market.
Hence, it presents a lucrative opportunity of anyone to own properties of any sort – villa for rent in Muscat or unfurnished/ semi-furnished/ furnished/ fully furnished apartment for rent in Muscat and other prominent and busy cities of Oman at an affordable cost.
Simultaneously, the amount of return on investment in the future can also be forecasted to be great as the economy would bounce back even after it was hit hard in the last few years. Finally, the Government’s indomitable spirit in giving a complete push to re-boost the economy with many futuristic policies brings more optimism. The major plans in action are the Vision 2040 that aims at investments in infrastructure, legal as well as social reforms, and enhancing the role of the private sector that can draw investments from potential investors and would hopefully accelerate the market forward.
The way for expatriates
Expatriates have a great chance now to have high ended properties and the tenants too. Previously, the rents were way too expensive. With regards to flats, 1 bhk for rent in Muscat was nominal yet costly. 2 bhk for rent in Muscat followed a higher pay, and 3 bhk for rent in Muscat price nearly skyrocketed. But, presently, the market pressure has made the prices lower down. According to reports, Rents dropped by 10.1% in 2016 and after that stabilized with a decline of 0.6% and 0.2% in the first and second quarters of 2017, respectively.
Even the premium residential segment was no exception to it. Thus, it’s a great time for ex-pats to explore all the communities with other ex-pats for the ambiance and choose the right community – villas/ flats/ apartments for rent in Muscat Oman of one’s interest. At the same time, the ex-pats must also understand the extent to which they can enjoy land rights in Oman since the few segments are restricted, and few are extended.
Actually, foreigners and foreign companies can have limited rights in the freehold ownership of land, i.e., they have a conditional basis of an agreement to own land to a maximum of fifty years and were restricted to activities of social or economic benefit. Non – nationals can have access to mortgage too. In this regard, in the past decade, the GGC citizens procured the right to own land and constructed property, too, on a freehold basis, being entitled to the benefits of both investment and resident.
Aftermath, the right was extended to all the citizens, and all could now access the purchase of property in special areas called integrated tourism complexes. Such purchases amazingly rendered the official residency for the very buyer or his immediate family. Ex-pats or other foreigners can’t expect complete liberalization of the Oman real estate market. It is because the critics in Oman believe that complete liberalization can pave the way for wealthy landlords to buy and use the property and push the cost of the property up to their interest.
The way for tenants
The tenants would be equally benefitted like the ex-pats due to the lower rents. As an instance – previously, unfurnished, semi-furnished, andfully furnished flats for rent in Muscat continued to have great prices that couldn’t be up to the budget of every aspirant buyer. With these factors influencing the Oman real estate market, the lower prices contribute to favor, even the layman who aspires for a property.
All the other ongoing projects are extra credentials for the buyers to enjoy. One of the prominent projects among all is “The wave” Developed in West Muscat, the 6000 – unit development spans beautifully encompassing all sorts of constructions and properties – hotels, apartments, a marina, and a golf course.
Nonetheless, supply continues to grow apace, with some 18,000 residential units in the pipeline for delivery over the next two years, according to CBRE (see Construction chapter). Among the largest projects is Al Mouj (The Wave), a 6000-unit development in West Muscat encompassing villas, apartments, hotels, a golf course, and a marina, which had sold 2300 homes as of July 2017. Any property – villa/apartment for rent in Al MoujMuscat if itwould be owned,will still be a dream come true moment.
Similarly, the Sur – Gate project spanning prettily in 1,46,000 sq. m is an integrated complex constituted by a hotel, leisure center, and a mall in combination with residential villas as well as apartments. Naseem A’ Sabah,Areej Residential Community, AlarganTowell are all few other prominent projects that can possibly be the heaven on earth if owned and cherished.
These projects are out of the box, standing out of the competition and focussing on catering to the needs of specific niches of the population. These help in gaining an edge in reaching out to the population who are in need of property but couldn’t have access too.
For example, an idea that’s being processed in Oman is developing residential spaces for bachelors as there are laws that don’t permit bachelors to reside in commercial spaces. Thus, bachelors can look up to and enjoy such property. It applies to all the other cadres of the population too – Muscat homes for rent is now real and practical for all segments of the population.
The dream of owning a real estate/ property in Oman can be fantastic, amazing, and aspiring for many people around the world. The interests of what is needed also vary from person to person. For example, a few might wish for new apartments for rent in Muscat while others might aspire for Al Mouj Muscat apartments for rent, a property in an integrated complex. Oman can cater to the needs of all, and the Government, policies, and laws allow this felicitation. Thus, one can aspire for wonderful properties with very low house rent in Oman Muscat, for which the present scenario is perfect due to the re-emerging economy that contributes greatly to a whole for nearing to buyers’ dreams.