Muscat, Oman: Omanexpo, the organizer of Oman Real Estate Expo (OREX), and Oman Real Estate Association (ORA), Oman’s real estate regulating body, along with the Real Estate Development Directorate of the Ministry of Housing has announced that the third edition is slated from March 30 to April 1, 2020 at the Oman Convention & Exhibition Centre.
The announcement was made at a press conference held on Tuesday at the W Muscat Hotel. Members of the panel who addressed the media were Engr. Siham Al Harthy, Director General, Real Estate Development Directorate, Ministry of Housing; Hassan Juma al Lawati, Chairman, ORA; Andy White, General Manager, Omanexpo; and Tarek Ali, Exhibition Director, Omanexpo. Also present were the board members of ORA.
Following the successful previous editions in 2018 and 2019, the organizers are anticipating the same enthusiastic response from the business sector. Tarek Ali comments, “OREX will continue to be an appealing platform for local and international investors as it highlights the growing potential of Oman’s real estate market and provides a compact marketplace for sellers and buyers to meet and leverage business opportunities.”
“Despite the recent oil downturn, the property sector is slowly recovering and creating fresh opportunities for tenants and property buyers. This edition will help in further stimulating the market by showcasing what the local developers have to offer. This includes affordable housing, offering long-term installment plans and freehold opportunities for expatriates,” he adds.
According to ORA, the country’s real estate sector is strong, owing to “stabilizing crude oil prices, increased real estate activity and improved economic conditions.” Currently, there is a spate of development projects—residential, commercial, mixed-use and integrated tourism complexes (ITCs) happening all over Oman. Developments such as including Naseem A’Sabah (US$1.04 billion), Sur Gate Project (US$311.7 million), Quriyat ITC Project (US$1 billion), Diyar Ras Al Hadd Resort, Omagine Project, Al Nakheel, and Hawana Lagoons Salalah have led to expansion of the housing market in terms of growth and value.
In 2018, the government has announced its decision to open the doors to real estate investment for expatriates living in Oman. The Capital Market Authority (CMA) also announced its approval to introduce Real Estate Investment Trust funds (REITs) in the Oman, which is seen as “a good vehicle that promises to bring liquidity into the real estate market and encourage developers to come up with different real estate products for investors,” Al Lawati says.
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