Real Estate
From The Report: Oman 2015
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Oman’s real estate market has shown resilience following the global financial turmoil and is poised for future expansion as economic growth in the sultanate drives local demand. In 2013 the sector grew 6.1% over 2012 and forecasts indicate this trend will continue. Increasing numbers of integrated tourism complexes are attracting foreign investment into the sector, particularly the high-end market, while in a bid to support affordable housing ownership, the government is supporting programmes that provide interest-free loans to qualifying citizens and removing age restrictions for access to financing.

This chapter contains an interview with Hawazen Esber, CEO, The Wave, Muscat.

Articles from this Chapter

Overview

Increasing affordable and high-end offerings
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The last years have marked a period of revival and recovery for Oman’s real estate sector following the global financial crisis. The country is now poised to consolidate progress and anchor economic growth. Real estate values have been rising across the board, while the number of transactions in the rental markets surged in 2013-14. Regional and local private sector players are investing heavily in development of modern retail spaces while large-scale government undertakings are helping develop…

Analysis

Facilitating home ownership for lower-income segments
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According to the National Centre for Statistics and Information, the average Omani household income increased from $1660 a month in 2000 to $3050 a month in 2011. While a significant number of higher-income citizens have helped sustain the growth in the luxury real estate market, there remain gaps in housing for lower income groups. The government of Oman has therefore implemented several initiatives that help Omani citizens access adequate housing and achieve the country’s broad economic diversification…

Interview

Hawazen Esber, CEO, The Wave Muscat: Interview
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Interview:Hawazen Esber How has the integrated tourism complex (ITC) model facilitated real estate sector growth? HAWAZEN ESBER: ITCs are an effective enabler and platform for developers and investors to use in the real estate sector in Oman. Indeed, developers have been able to use this model to grow the market in recent years, as seen through the success of projects such as The Wave. The increasing diversification of Oman’s economy has helped to attract new foreign investment in the country,…