By Michele Howe
CITYSCAPE: Oman represents 'huge opportunity' for real estate developers, consultant says.
Oman is set to be a key tourism hotspot, a regional real estate advisory consultant said yesterday.
Predicting that with its triple sell of sun, sea and sand, the country was set for a boom in tourism, Robin Williamson, general manager of DTZ Bahrain, said that Oman represented a “huge opportunity” for real estate developers operating in the region.
Oman has been focusing on developing its identity as a leading tourism location in the Middle East since the slump in oil prices in the late 90s required the country to diversify its economy away from dependence on its oil and gas resources.
Housing will be another key area for growth, Williamson said, particularly provision for the mid and lower middle class.
Due to the expansion of the population and the pressure on governments to provide housing for people, there is likely to be immense growth in the housing sector, Williamson said during a presentation at Cityscape.
The population in both Saudi and the UAE is growing at above 12%, according to Williamson.
Warehousing is likely to be the third main driver of growth, according to Williamson. As more foreign companies begin renting warehouses rather than building their own warehouse premises, there is likely to be a big upsurge in the construction of warehouses, he predicted.