In 2024, the Oman government announced its plans for a USD 2.4 billion Omani Mountain Destination project in Jabal al Akhdar. The project is in alignment with Oman Vision 2040, which would include residences, hotels, and a health village.
According to MarkNtel Advisors study, The Oman Residential Real Estate Market size is estimated to grow at a CAGR of around 9.8% during the forecast period, i.e., 2024-30.
There has been a noticeable surge in the number of expatriates in Muscat, which has significantly increased the demand for rental accommodations. This shift has particularly highlighted the desirability of well-managed residential communities, known for their quality properties, professional management, and comprehensive amenities including retail, food & beverage outlets, and leisure facilities, making them top choices in the city. Further, in tandem with this growing demand, Oman has initiated several large-scale integrated housing projects. These developments are designed to offer mixed-use residential areas that comprehensively cater to the needs of their residents.
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Market Opportunity: A specific opportunity in the Oman Real Estate Market arises from the potential to develop smart housing solutions. As Muscat and other cities in Oman continue to attract a growing expatriate workforce, there is a clear demand for high-tech, connected residential units that offer advanced home automation systems. These systems would include smart energy management, security enhancements, and integrated home appliances that can be controlled via smartphones or other devices.
Oman Residential Real Estate Market Key Players:
Al Raid Group, Al Mouj Muscat, Al Taher Group, Wujha Real Estate, Orascom Development Holding AG, Maysan Properties SAOC, Harbor Real Estate, Savills, Hilal Properties, Edara Real Estate LLC, and others
Market Segmentation Overview:
By Type
-Apartments and Condominiums
-Villas and Landed Houses
In Oman’s urban centers like Muscat, apartments, and condominiums have experienced a substantial increase in demand, a trend largely driven by rapid urbanization and the influx of expatriates. These groups have been observed to often seek practical and accessible living options that are close to their workplace and have essential services and leisure activities. The appeal of the apartment segment has been further enhanced by the development of mixed-use projects in Oman that blend residential units with retail, dining, and office spaces, offering a convenient and compact lifestyle that meets the needs of residents in rapidly modernizing cities.
Additionally, the development of apartment complexes is a strategic response to the challenges of land scarcity in urban areas, promoting more efficient use of space through vertical construction. This approach is supported by the government’s focus on enhancing urban infrastructure, such as transportation and utilities, which are critical growth drivers that make high-density living more viable and sustainable. Also, these apartments in Oman are largely equipped with modern amenities like security systems, gyms, and communal spaces, which largely attract tenants. Hence, with the increasing availability of apartments in Oman and their efficient services, their demand is projected to improve in the forecasted years as well.
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By Region
- North
- Central
- South
The Oman Residential Real Estate Market Recent Development
2023: Al Mouj Muscat, a collaboration between Majid Al Futtaim Properties of the UAE and Oman Tourism Development Company (OMRAN), together with Tanmia Oman (Oman National Investments Development Company), has introduced Jinan Island. This exclusive enclave comprises 43 luxurious villas, each boasting five to six bedrooms and situated amidst a serene lake and expansive parkland.
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