Oman Property Report - 2022
MARKET HIGHLIGHTS
- Headwinds remain for the real estate sector but there are some emerging signs of market stability.
- Due to tepid demand relative to supply in the office market, there has been downside pressure on occupancy - only a limited number of buildings currently achieve over 70% occupancy.
- The notable recent upswing in oil prices, if sustained, is likely to have a positive impact on the commercial sector and could help to drive demand and occupancy.
- Due to the notable drop in the number of expatriates in Muscat over the years, residential demand has seen a marked reduction and competitive pricing is key to attracting and retaining tenants.
- There has been a “flight to quality” as rental values for high-end residential properties have become more affordable, particularly evident in areas such as Al Mouj.
- As market conditions stabilise, only moderate reduction in residential rental values is expected going forward.
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