Oman has seen a surge in investor interest in its property market, with real estate deals rising by nearly a third before the end of 2024.

The value of real estate transactions in the sultanate reached RO3.13 billion ($8.1 billion) by the end of November 2024, up by 28.1% from a year earlier, according to the National Centre for Statistics and Information.

The value of sale contracts stood at more than RO1 billion, rising by 1.9% compared to the same period in 2023, while mortgage deals spiked by 44.8% to more than RO 2.1 billion.

The preliminary data suggest that there’s been a huge demand for Omani property from investors within the Gulf region, with the number of title deeds handed over to GCC citizens rising by 6.8% to 1,325 by the end of November last year, compared to 1,241 in the same period in 2023.

Interest in Oman’s real estate market has been growing, underpinned by a positive economic outlook and investor-friendly initiatives. 

To attract foreign investors, the sultanate has introduced several reforms, including tax incentives for developers and streamlined property laws for non-citizens.

The residential property market in Oman is likely to grow at an annual rate of 3.7% over a short period, with the market volume projected to rise to $358 billion by 2029, according to Hamptons International Oman.

In the first half of 2024, residential properties dominated the real estate market in Oman, with investors seeking to acquire luxury waterfront units. Buyers also have a preference for homes with high quality amenities, such as green landscaped gardens, swimming pools, state-of-the-art gyms with spas, the real estate agency said.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com