Public spending fuels Oman real estate surge

Analysts say increase in public spending and job opportunities contributed to growth

Official figures released by the Omani government reveal the country’s real estate sector is seeing an upward trend, as the traded value of properties and volumes increased substantially in the first five months of this year.

Analyst said the decision to increase public spending and provide citizens with more job opportunities were among factors contributing to the growth.

The total value of traded properties in the Sultanate between January and May surged by 59.7% to $2.1bn compared with $1.3bn recorded in the first five month of 2011, according to data released by the National Centre for Statistics and Information (NCSI).

The value of mortgage contracts also jumped 94.6% to $1.44bn from $742m in the corresponding period of last year, while the number of mortgage contracts rose to 7,214 in the five-month period from 4,165 in the same period last year.

Sales contracts have also increased in value by 14.8% to $646.2m from $562.9m in 2011, while the number of sales contracts rose to 32,656 from 21,642.

“Since last year more Omanis have joined the workforce due to Omanisation policies and salaries have also increased” said Philip Paul, country head at Cluttons Oman.

“So buyers’ confidence has returned to the sultanate’s property market and people are now ready to invest in properties,” added Paul.

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