This was posted today in The Times of Oman.

Looks like property values have increased a bunch.

MUSCAT — While there is general talk of economic boom in Oman, the reality is even bigger, better and sweeter. Take the real estate sector for instance. With residential properties emerging as the highest income-yielding investment in the Sultanate, there are bound to be massive investments in real estate by both domestic as well as international investors.

According to a leading solution provider to real estate sector, the Omani real estate market is expected to continue its rapid growth well into the future, with analysts predicting that the value of demand will top RO8 billion by 2010.

Market studies have also revealed that the total investment in the real estate sector in Oman reached RO1.61 billion in 2007, up from RO290 million in 2005.

Industry reports indicate that the average price per square metre for residential land in Oman increased by 253 per cent, reaching RO52 per square metre in 2007 compared to RO16.3 in 2006 and RO14.7 in 2005. Oman’s residential property sector captured the biggest share despite the recent increase in real estate prices, thereby further underlining the competitiveness of Oman-based projects across the AGCC. Further, the growth of investment in commercial activities, including the manufacturing and tourism sectors, is also expected to drive the demand for real estate in 2008.

“We are expecting further growth in the Oman real estate market and our growing activities within this potential-laden destination are a testament to our strong interest in increasing our presence and strengthening our hold on the real estate services sector in the Sultanate,” said Ali Hussein Al Rahma, CEO, Eqarat.com, which is likely to launch the first phase of the RO65 million luxury villa project, ‘Al Qaser’, before the end of 2008. The company was appointed by Arabian Gulf Gate Investment (AGGI) to exclusively manage and drive sales of its Marrakech-inspired community project.