UAE, Indian investors drive interest in Oman property

New data from OLX Property shows visitors from the UAE, India, Lebanon and Pakistan are activey searching for properties in the sultanate
By Bernd Debusmann Jr
Sun 17 Dec 2017 10:26 AM

There is strong interest in Oman’s property market from property seekers in the UAE, India, Lebanon and Pakistan, according to statistics from OLX Property, the sultanate’s largest online property platform.

In a newly released report on the most active users of the OLX platform between January and October 2018, the company found that 8 percent of foreign visits were recorded from users based in the UAE, followed by India (7 percent), Lebanon (4 percent) and Pakistan (3 percent).

Users based in Saudi Arabia and Qatar both accounted for 2 percent of international visits each.

“We have always had a large number of international users that utilize our platform to find out what is currently available in the market,” said Amr El Gabry, General Manager at OLX Oman. “With a wide portfolio and selection catering to property seekers from all social statuses incomes, OLX Property in Oman helps investors get a transparent view to support their purchasing decisions.”

As part of the Sultanate vision 2020 to diversify Oman’s economy, the government has decided to open its real estate market to foreigners, but only in Integrated Tourism Complex (ITC) developments that are licensed by government agencies and subject to approval by the Ministry of Housing.

Oman plans to invest in the development of more than 5,000 homes as part of an OMR 4 billion ($10.3 billion) tourism drive in five ITC projects. Oman’s government is a 50 percent partner of all profit generated, which the government believes will significantly contribute to the sultanate’s GDP.

According to OLX, the most searched for areas between January and October were Al Mawaleh, Al Amerat, Muscat, Qurum, and Al Khuwair. The most searched for types of properties were apartments and flats for sale, as well as land for sale.

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Last Updated: Tue 19 Dec 2017 10:31 AM GST

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