RIYADH: According to official data, Oman’s real estate market continued its upward trend in 2024, with transaction values rising 28.1 percent annually to 3.13 billion Omani rials ($8.13 billion) by November. The number of deals increased by 1.9 percent to 61,552, according to the Oman News Agency, while sale contracts in the sector increased by 3.1 percent annually to 1.1 billion rials during the same time, according to data from the National Center for Statistics and Information.
With market intelligence firm Mordor Intelligence projecting the residential real estate industry to increase at a compound annual rate of 9.19 percent, from $4.38 billion in 2024 to $6.80 billion by 2029, the strong performance highlights widespread optimism in Oman’s real estate market.
The Omani government has implemented a number of measures to encourage the expansion of its real estate industry, such as easing restrictions on foreigners’ ability to purchase real estate and providing tax breaks to developers.
This month, there were 5.27 million people living in Oman, of which 2.28 million, or more than 43 percent, were expatriates. Demand for residential and commercial real estate, especially in urban areas, has been greatly fueled by the substantial expatriate population.
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