Rents for premium property up in Oman
Rents for new and modern quality residential buildings are likely to edge up in Muscat, thanks to an increasing demand for such accommodations driven by growing number of expatriates, an increase in job opportunities, and rising purchasing power, the Times of Oman reported. The implementation of new infrastructure projects in Muscat, which creates job opportunities, is attracting more and more people from other Omani region, and this has pushed up the demand for real estate in the capital.
Matthew Wright, Associate Director at Cluttons Real Estate, cites “increased confidence in the market” resulting from reasonable to good economic performance as another factor contributing to the growth in demand for rental accommodations.
“People have more access to financing. They feel that the economic climate is more conducive to development,” he said.
The increasing demand for better quality properties is leading to a rise in rental values for residential properties, while pushing down rents for old and low quality buildings. However, real estate agents are not expecting a ‘dramatic’ increase in rents for residential accommodations.
The rise in land prices has also contributed to the predicted growth in rental values. Land prices in the capital had jumped by 60 per cent in some areas due to the activities of unlicensed brokers, the Times of Oman reported early this month. The projected growth in rents for residential buildings follows a significant decline in rental values for properties after 2008 as a result of the global financial crisis.
The supply of residential homes is increasing, and the market is striving to keep up with the growing demand. Supply has grown over the last few years and looks to continue to grow, particularly in areas like Mabela and Amerat, added Cullum.
According to real estate agents, the most popular areas for the people to live in Muscat on rent are Qurum, Bausher, Ghala, Azaiba, Ghubra, and Madinat Qaboos, which attract the executive expatriate community. The growth of the economy has also driven the demand for luxury accommodations, given that the number of wealthy Omanis and expatriates is increasing.
Rents for new and modern quality residential buildings are likely to edge up in Muscat, thanks to an increasing demand for such accommodations driven by growing number of expatriates, an increase in job opportunities, and rising purchasing power, the Times of Oman reported. The implementation of new infrastructure projects in Muscat, which creates job opportunities, is attracting more and more people from other Omani region, and this has pushed up the demand for real estate in the capital. Matthew Wright, Associate Director at Cluttons Real Estate, cites "increased confidence in the market" resulting from reasonable to good economic performance as...
Rents for new and modern quality residential buildings are likely to edge up in Muscat, thanks to an increasing demand for such accommodations driven by growing number of expatriates, an increase in job opportunities, and rising purchasing power, the Times of Oman reported. The implementation of new infrastructure projects in Muscat, which creates job opportunities, is attracting more and more people from other Omani region, and this has pushed up the demand for real estate in the capital.
Matthew Wright, Associate Director at Cluttons Real Estate, cites “increased confidence in the market” resulting from reasonable to good economic performance as another factor contributing to the growth in demand for rental accommodations.
“People have more access to financing. They feel that the economic climate is more conducive to development,” he said.
The increasing demand for better quality properties is leading to a rise in rental values for residential properties, while pushing down rents for old and low quality buildings. However, real estate agents are not expecting a ‘dramatic’ increase in rents for residential accommodations.
The rise in land prices has also contributed to the predicted growth in rental values. Land prices in the capital had jumped by 60 per cent in some areas due to the activities of unlicensed brokers, the Times of Oman reported early this month. The projected growth in rents for residential buildings follows a significant decline in rental values for properties after 2008 as a result of the global financial crisis.
The supply of residential homes is increasing, and the market is striving to keep up with the growing demand. Supply has grown over the last few years and looks to continue to grow, particularly in areas like Mabela and Amerat, added Cullum.
According to real estate agents, the most popular areas for the people to live in Muscat on rent are Qurum, Bausher, Ghala, Azaiba, Ghubra, and Madinat Qaboos, which attract the executive expatriate community. The growth of the economy has also driven the demand for luxury accommodations, given that the number of wealthy Omanis and expatriates is increasing.
