Muscat, Property Market Outlook, Spring 2017
Cluttons has released its biannual Muscat Property Market Outlook report for Spring 2017.
Challenging market conditions have led to flexible, innovative and revised approaches from landlords across the Omani capital in an effort to entice prospective tenants.
Increasingly, the work Cluttons’ team in Oman is focused on is the stabilisation, or boosting of revenue potential for landlords through professional management and active management of tenants, as landlords are increasingly recognising the need to be flexible. At the same time, tenants are aware of the opportunities for more value in the market, so those landlords that are taking a more proactive approach to the conditions are the ones best placed. The most attractive residential developments tend to focus on inclusive, high quality complexes, with a property management approach dedicated to swiftly taking care of all tenant needs.
Subdued economic activity across the Sultanate has led to increased opportunity for tenants in the office market as well, as declining rental rates has led to office consolidation and migration to more affordable stock.
Away from the residential and office markets, the success of the Omani hospitality sector has been a defiant beacon of success during struggling market conditions across the GCC. From a real estate perspective, the sector is going from strength to strength as a high-performing asset class in Oman’s real estate landscape for the next few years.