Residential Real Estate Leases - Oman

The market segment Residential Real Estate Leases market in Oman is expected to witness significant growth in the coming years.
By 2024, the revenue of this market is projected to reach US$903.20m , indicating a promising outlook for the industry.
Among the various subcategories within this market, Apartment Leases dominates with a projected market volume of US$519.40m in 2024.
Furthermore, the revenue of the Residential Real Estate Leases market market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 7.20% from 2024 to 2029.
This steady growth is expected to result in a market volume of US$1.28bn by 2029.
Such positive projections indicate the potential for further expansion and development in the residential real estate leasing sector in Oman.
Oman's residential real estate lease market is experiencing a surge in demand due to the country's growing expatriate population and high-quality housing options.

Definition:

The residential real estate leases market refers to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums. The lease outlines the terms of the rental agreement, including the duration of the lease, the amount of rent to be paid, and the responsibilities of both the landlord and the tenant. The lease may also include provisions for security deposits, maintenance and repair obligations, and renewal options.

Structure:

The residential real estate leases market comprises the lease of houses and apartments.

Additional information:

The residential real estate leases market includes the following KPIs: the revenue generated by real estate leases, the number of real estate leases, the average revenue per real estate lease, the share of dwelling type of tenants, and the average room per tenant. The dwelling type shares comprise the shares of the renter population that lives in houses and apartments.

Residential house and apartment leases

Real estate transactions
Commercial real estate
Accommodation services, such as Airbnb

The Residential Real Estate Leases market in Oman is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory. Customer preferences play a crucial role in shaping the Residential Real Estate Leases market in Oman. Many individuals and families are opting for leasing rather than purchasing properties due to various reasons. Leasing offers flexibility, allowing tenants to easily relocate or upgrade to a larger property as their needs change. Additionally, leasing eliminates the burden of property maintenance and repairs, making it an attractive option for those seeking a hassle-free living experience. Trends in the market also contribute to the growth of the Residential Real Estate Leases market in Oman. One noticeable trend is the increasing demand for high-quality, modern residential properties. Tenants are seeking properties with contemporary designs, amenities, and convenient locations. Developers and landlords are responding to this trend by investing in the construction of new residential complexes that cater to these preferences. As a result, the market is witnessing a rise in the availability of modern, well-equipped properties for lease. Local special circumstances further contribute to the development of the Residential Real Estate Leases market in Oman. The country's growing population, combined with an influx of expatriates, has created a strong demand for housing. This demand is particularly high in urban areas, where job opportunities and amenities are concentrated. The government's efforts to attract foreign investment and promote economic growth have also contributed to an increase in the number of expatriates seeking rental properties. These special circumstances have created a favorable environment for the growth of the Residential Real Estate Leases market. Underlying macroeconomic factors are also driving the development of the Residential Real Estate Leases market in Oman. The country's stable economy, driven by sectors such as oil and gas, tourism, and logistics, has resulted in a steady increase in disposable income. This has enabled individuals and families to afford leasing high-quality residential properties. Additionally, low interest rates and favorable financing options have made it easier for developers and landlords to invest in the construction of new properties, further fueling the market's growth. In conclusion, the Residential Real Estate Leases market in Oman is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for leasing properties, the focus on modern and high-quality residential complexes, the country's growing population and influx of expatriates, and the stable economy are all contributing to the positive trajectory of the market.

Data coverage:

Figures are based on total and average revenue of residential apartment leases.

Modeling approach:

Market size is determined by a 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 considered at a country-specific level.

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

The global housing market has slowed amid high inflation and soaring borrowing costs. Homeownership is one of the most universal signs of success and prosperity: It serves both as a source of stable and secure housing and a long-term investment. After the global financial crisis, property prices rose in many countries and especially in advanced economies. For more than a decade after that, the housing market has been on an upward trajectory, culminating in the housing boom during the COVID-19 pandemic. However, housing shortages in highly competitive markets, the recent rapid house price growth, soaring inflation, and consequently, some of the highest mortgage interest rates recorded in the past 10 years have led to the market cooling.

Soaring inflation and aggressive mortgage interest rate hikes cooled the European housing market after a nearly decade-long period of growth. Since 2015, house prices in the European Union have grown by about 50 percent. When inflation in Europe started to rise at an alarming rate in 2021, the European Central Bank increased interest rates, resulting in substantially higher mortgage interest rates and a decline in homebuying. But how important is homeownership for Europeans?

Generally considered the third key pillar of the food, clothing, and shelter trinity popularized in India over generations, owning a home is still prioritized as a measure of financial security by a vast majority of the Indian population. The COVID-19 pandemic with its successive lockdowns and restrictions to stay within the confines of one’s home, further reinforced this vision. India’s growing urban population, rising household incomes, and decade-long low-interest rates have been propelling the demand for residential units, driving up the sales volume. Even though the residential real estate sector was severely hit in 2020, it marked a strong recovery in consecutive years, crossing pre-COVID sales figures.

Residential Real Estate Leases - Oman

Volume

Analyst Opinion

Revenue

Affordability

Real Estate Type

Living Space

Methodology

Financial

Access more Market Insights on Financial topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Global housing market - statistics & facts

Explore more high-quality data on related topic

Residential real estate in Europe - statistics & facts

Explore more high-quality data on related topic

Residential real estate in India - statistics and facts

Contact

Get in touch with us. We are happy to help.

Residential Real Estate Leases - Oman

In-Scope

Out-Of-Scope

Related markets:

Residential Real Estate: market data & analysis

Financial

Access more Market Insights on Financial topics with our featured report

Explore more high-quality data on related topic

Global housing market - statistics & facts

Explore more high-quality data on related topic

Residential real estate in Europe - statistics & facts

Explore more high-quality data on related topic

Residential real estate in India - statistics and facts