Oman’s property market is gaining momentum

Oman’s property market is now gaining momentum, especially within Integrated Tourism Complexes (ITCs). "After several challenging years following the impacts of the global financial crisis, there is evidence of growing strength and confidence in the ITC residential sector which is translating into a significant increase in developments," says Cluttons.

ITC developments such as The Wave and Muscat Hills, allow non-GCC citizens to buy freehold properties in the country. ITC prices fell during 2009. ITC properties are now in demand due to their superior design, setting and facilities.

"The increased interest from potential purchasers in the secondary market at Integrated Tourism Complex (ITC) developments has started to translate into transactions (in the first quarter of 2013)," reports Cluttons.

In Muscat Hills Golf & Country Club, traded values of residential properties soared by about 25% in Q1 2013 from the previous year, according to Savills Oman.
At Al Marsa, The Wave Muscat, resale values rose by an average of 12% in Q1 2013.

New Integrated Tourism Complex (ITC) Developments in Oman:

• Muscat Hills Golf & Country Club (Phase II) – Launched in the last quarter of 2012, it is developed by Oman Urban Development Company LLC. It consists of 80 villas and townhouses. The price of four-bedroom units ranges from OMR270,000 (US$ 699,337) to OMR456,750 (US$1,183,040) while five and six-bedroom units are priced from OMR465,000 (US$1,204,410) to OMR900,000 (US$2,331,120).
• Saraya Bandar Jissah – Located in Qantab, construction was started in Q3 2012 and expected to be completed early next year. Saraya Bandar Jissah will be built on a 220 hectare and will include 2 five star hotels and 350 to 400 residential units.
• The Wave – At Reehan Gardens, 103 twin and detached villas were released in Q2 2012, with prices ranging from OMR200,00 (US$518,027) to OMR350,000 (US$ 906,548). At Marsa One, 121 apartments were released in Q3 2012, with prices ranging from OMR80,000 (US$207,211) to OMR375,000 (US$971,301). Recently, 40 Siraj apartments priced from OMR79,000 (US$204,621) to OMR190,000 (US$492,126).