In 2024, Oman's real estate market continued to grow, and by November, the value of transactions increased by 28.1% year-on-year, reaching 3.13 billion Omani riyals (8.13 billion US dollars).
According to the National Center for Statistics and Information, the value of purchase and sale contracts increased by 3.1% year-on-year to 1.1 billion riyals, while the number of transactions increased by 1.9% to 61,552.
The Omani Government has introduced several initiatives to boost the growth of the real estate sector, including relaxing property ownership laws for foreigners and offering tax breaks to developers.
Oman's population has reached 5.27 million people, of which more than 43%, or 2.28 million people, are foreigners.
The significant presence of foreigners has played an important role in stimulating demand for residential and commercial real estate, especially in urban centers.Read also: The country that surprises: Oman's real estate market
Source: Arab News
