Time is right to buy property in Oman, says Alargan Towell

Property deals are up 124% to $19.99bn in the first ten months of 2016

Investors should invest in properties as prices are reasonable and the market is showing signs of recovery, according to an Omani real estate developer.

Latest data released by the National Centre for Statistics and Information showed sales are up 124 percent to $19.99 billion (OMR7.7 billion) in the first ten months of 2016 from $8.83 billion (OMR3.4 billion) for the same period 2015.

Mortgage deals jumped by 186 percent to $17.66 billion (OMR6.8 billion) from $6.23 billion (OMR2.4 billion).

“I believe that the market is recovering slowly,” Hisham Moussa, chief executive officer, Alargan Towell told Times of Oman.

"This is the time for people to think about real estate investment, when the prices are reasonable and returns are guaranteed in the medium to long term.

“This also shows that the investment in real estate activities carries least possible risk and greater long-term profit. Real estate sector in Oman is considered as one of the promising sectors for medium-to-long term investment.".

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