Oman’s real estate sector spurs diverse tourism and residential projects

MUSCAT : Oman’s real estate development sector has garnered significant attention, positioning itself as a vital catalyst for investment opportunities. Engineer Khalid bin Nasser Al Mahrouqi, Director General of Real Estate Development at the Ministry of Housing and Urban Planning, highlighted Oman’s national plan to enhance the real estate sector’s contribution to the economy. One of the standout projects is Sultan Haitham City, a smart and sustainable venture encompassing 20,000 residential units and a range of amenities, symbolizing Oman’s commitment to modern urban living.

Moreover, Oman’s tourism sector is set to witness a transformation with projects like the Al Khuwair Downtown and Green Mountain Front development, which promise diverse tourist experiences across various governorates. These initiatives align with Oman’s goal of attracting 70% of foreign direct investment, driving economic growth and fostering partnerships with international developers.

The Ministry of Housing and Urban Planning’s launch of six housing projects underscores Oman’s dedication to providing integrated residential plans and neighbourhoods catering to diverse housing needs. These efforts and strategic plans in Rustaq, Nizwa, and North Al Sharqiyah signify Oman’s comprehensive approach to sustainable urban development.

Younis bin Khasib Al Harrasi, Chairman of the Omani Real Estate Association, highlighted the sector’s growth trajectory, evidenced by a 6 percent increase in trading volume in 2023 compared to the previous year. The ongoing Sultan Haitham City project and government incentives underscore Oman’s attractiveness to real estate investors and developers.

Omran Group’s strategic partnerships and ongoing projects, such as the Aida project and Yeti Sustainable City, highlight Oman’s commitment to sustainable tourism and innovative urban planning. These initiatives and significant real estate trading figures underscore Oman’s appeal as an investment destination.

Statistics issued by the National Center for Statistics and Information show that the total value of real estate trading in the Sultanate of Oman amounted to about RO 587 million and 500 thousand in the first quarter of 2024.

The State of Kuwait ranked highest in investment in the Sultanate of Oman in terms of real estate transactions in 2023, with investments amounting to about RO 26.7 million with 319 real estate transactions, then the Republic of India with about RO 12.2 million with 70 real estate transactions, then the United Arab Emirates with a value of RO 5.3 million with 319 real estate transactions.

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The post Oman’s real estate sector spurs diverse tourism and residential projects appeared first on The Arabian Stories News.

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