Residential Real Estate - Oman | Statista Market Forecast

The Residential Real Estate market market in Oman is projected to reach a value of US$214.40bn by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 5.14%, leading to a market volume of US$275.40bn by 2029.
When compared globally, China is forecasted to generate the highest value in the Real Estate sector, amounting to US$112.9tn in 2024.
The residential real estate market in Oman is experiencing a surge in demand due to the government's initiatives to attract foreign investors.

Definition:

The residential real estate market covers the leases and transactions of residential properties. Residential real estate leases refer to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums, while residential real can be defined as buying, selling, or transfer of ownership of residential properties.

Structure:

The residential real estate market covers real estate transactions and leases, and the section, residential real estate leases, is divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and for real estate renters as well.

Residential real estate transactions
Residential real estate leases

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

The Residential Real Estate market in Oman is experiencing significant development and growth in recent years.

Customer preferences: Customers in Oman are increasingly looking for residential properties that offer modern amenities and facilities. There is a growing demand for properties that provide a comfortable and luxurious lifestyle, such as gated communities with swimming pools, gyms, and recreational areas. Additionally, customers are seeking properties that are energy-efficient and environmentally friendly, reflecting the global trend towards sustainability.

Trends in the market: One of the key trends in the residential real estate market in Oman is the increasing popularity of off-plan properties. Off-plan properties allow buyers to purchase properties before they are completed, often at a lower price. This trend has been driven by developers offering attractive payment plans and incentives to attract buyers. Additionally, off-plan properties offer buyers the opportunity to customize their homes according to their preferences. Another trend in the market is the rise of integrated communities. These communities offer a range of amenities and services within a single development, such as schools, shopping centers, and healthcare facilities. Integrated communities are becoming increasingly popular among buyers who value convenience and a sense of community.

Local special circumstances: Oman has a growing population, which is driving the demand for residential properties. The government has implemented policies to encourage the growth of the real estate sector, including the relaxation of foreign ownership restrictions. This has attracted foreign investors and expatriates to the market, further boosting demand for residential properties.

Underlying macroeconomic factors: The development of the residential real estate market in Oman is supported by favorable macroeconomic factors. The country has a stable economy with a low inflation rate and a growing GDP. Additionally, the government has invested in infrastructure projects, such as roads and airports, which has improved connectivity and accessibility. These factors contribute to a positive investment climate and attract both local and international investors to the residential real estate market in Oman.

Data coverage:

Figures are based on total and average value of residential real estate, residential estate transactions and leases.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Residential Real Estate - Oman

Value

Volume

Analyst Opinion

Transaction Value

Revenue

Household Type

Living Space

Methodology

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