Oman property market 'set for rapid growth'

By Tom Arnold
  • Wednesday, 10 September 2008 10:45 AM
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Rapid growth in the Omani real estate market is expected to continue, with analysts predicting the value of demand will top $20.8 billion by 2010.

Market studies revealed that total investments into the real estate sector in Oman have already reached $4.2 billion in 2007, up from $0.75 million in 2005, property consultants Eqarat.com said.

The projection comes as Eqarat.com prepares for the launch of the first phase of Al Qaser, a $169 million themed residential community project being developed by specialist developer Arabian Gulf Gate Investment (AGGI).

Industry reports indicate the average price per square meter for residential land in Oman increased by 253 percent, reaching $135 per square meter in 2007 compared to $38 in 2005.

Oman's residential property sector captured the biggest share despite the recent increase in real estate prices.

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