Oman is expected to produce 62,800 new residential real estate units by 2030, with 5,500 of those hitting the market this year in line with the nation’s strategic goal, according to a recent research from top real estate and consultancy firm Cavendish Maxwell.
As 35 new hotels and resorts are expected to open by 2030, Oman is expected to add 5,800 hotel rooms to its current inventory over the next five years, according to Cavendish Maxwell’s Oman real estate market performance report, which was released this week during Oman Design and Build Week.
The present inventory will increase by about 25 percent as a result of the new rooms.
With the delivery of 38,400 new residences in 2024, Oman’s residential real estate inventory increased by 3.6 percent, bringing the total supply to almost 1.1 million units, according to the study.
Muscat has the majority of the residential supply, followed by Dhofar and Al Batinah North and South.
Oman Vision 2040 calls for the growth of the real estate, infrastructure, hospitality, and tourist industries in order to reach the goal of 90% of the GDP coming from non-oil sectors by that time. Oman’s population, which is now 5.3 million, is predicted to increase to 7.7 million by that time due to a rise in both Omani citizens and foreigners. Between now and 2040, it is anticipated that more than 80,000 new dwellings would be delivered.
Khalil Al Zadjali, Head of Oman at Cavendish Maxwell, said “Oman’s tourism sector is also poised for continued, stable growth, with international visitors on the rise and thousands of new hotel rooms in the pipeline. Backed by Government initiatives, growing investor confidence and favourable demographic trends, Oman’s real estate, tourism and hospitality sectors are well positioned for sustained, long-term development.”
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