Market Size of Oman Luxury Residential Real Estate Industry
Study Period | 2024 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | |
CAGR | 6.00 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Oman Luxury Residential Real Estate Market Analysis
The Oman Luxury Residential Real Estate Market is valued at about USD 1 Billion and is expected to register a CAGR greater than 6% during the forecast period.
- Dar Global, the luxury international real estate developer announced the launch of sales for AIDA, a unique mixed-use gated community located in Muscat, Oman. AIDA features a Trump golf course and offers the ultimate luxury golf, residential, and hospitality experiences. AIDA is a joint development project between Dar Global and OMRAN Group, Oman's leading tourism development company. The project spans over 3.4 million square meters and is located in the heart of Muscat, overlooking the Sea of Oman. The project's gross development value is USD 2.4 billion, with phased construction taking place over ten years.
- COVID-19 had impacted the Oman luxury residential real estate sector, as this sector in Muscat experienced declined demand due to pandemic restrictions. Despite the disruption, now the market is in the recovery phase. The luxury residential real estate market is experiencing significant growth, such as the potential growth of the hospitality and travel sector due to relaxed restrictions and vaccines rolled out.
- The Hay Al Naseem project, the first of the integrated Villa housing developments in Oman being developed under Al Souroh, will serve as a broad model for the new developments. Hay Al Naseem is spread across 350,000 square meters. It functions as a mixed-use development with apartments, villas and townhouses, commercial facilities, public spaces, and recreational services.
- Omran and Saraya Holding Oman, Muscat's premier resort village, is currently developing a residential project under the name of Muscat Bay. This is a natural, peaceful place that will be home to 435 exclusive residential units that combine attractive waterfront and mountainside views with easy access to modern amenities. In addition, two five-star hotels will form the major leisure components of Muscat Bay, providing guests with a luxurious retreat where the mountains meet the Arabian sea.
Oman Luxury Residential Real Estate Industry Segmentation
The Oman Luxury Residential Real Estate Market is segmented by Type (Apartments and Condominiums, Villas, and Landed Houses), and by Key Cities (Muscat, Dhofar, Musandam, and the rest of Oman). The report offers market size and forecasts for the Oman Luxury Residential Real Estate Market in value (USD Billion) for all the above segments. The report offers market size and forecasts for the Oman Luxury Residential Real Estate Market in value (USD Billion) for all the above segments.
By Type | |
Condominiums and Apartments | |
Villas and Landed Houses |
By Key Cities | |
Muscat | |
Dhofar | |
Musandam | |
Salalh | |
Rest of Oman |
Oman Luxury Residential Real Estate Market Size Summary
The Oman luxury residential real estate market is experiencing a phase of recovery and growth, driven by a resurgence in demand following the disruptions caused by the COVID-19 pandemic. The market is characterized by significant developments such as the AIDA project in Muscat, a mixed-use gated community featuring luxury residential, golf, and hospitality experiences. This project, along with others like Hay Al Naseem and Muscat Bay, highlights the increasing interest in high-end living spaces that offer both exclusivity and modern amenities. Despite challenges such as fluctuating oil prices and the ongoing economic impacts of the pandemic, the demand for ultra-luxury properties remains stable, with new developments like Golf Beach Residences and the Residences at Mandarin Oriental attracting considerable interest. The market's growth is further supported by the presence of international real estate developers and joint ventures, which are enhancing the sector's appeal and financial strength.
The luxury residential real estate sector in Oman is marked by a diverse range of projects and a fragmented market with numerous players, including prominent companies like AL Hudu Real Estate Oman, Aqwaas Real Estate, and Tibiaan Properties. These companies are actively engaging in new developments and partnerships to meet the rising demand for quality real estate. Projects such as the Nikki Beach Resort & Spa Muscat and the Zunairah beachfront community exemplify the trend towards creating premium living spaces that blend luxury with unique design elements. Additionally, initiatives like the Ajwaa project in Salalah and the Massar project in Barka reflect the growing interest in commercial developments, further diversifying the market landscape. As the expatriate population stabilizes and the focus on Omanisation increases, the market continues to adapt, offering opportunities for both domestic and international investors to capitalize on the evolving real estate landscape.
Oman Luxury Residential Real Estate Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Current Market Scenario and Consumer Sentiments
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1.2 Luxury Residential Real estate Buying Trends Socio-economic and Demographic Insights
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1.3 Government initiatives and regulatory Aspects for the Luxury Residential Real estate Sector
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1.4 Insights into Interest Rate Regime for General Economy and Real estate Lending
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1.5 Insights into Rental Yields in the Luxury Residential Real Estate Market
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1.6 Insights into Affordable Housing Support provided by Government and Public-Private Partnerships
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1.7 Insights into Real Estate Tech and Startups Active in the Real Estate Segment (Broking, Social Media, Facility Management, and Property Management)
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1.8 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Condominiums and Apartments
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2.1.2 Villas and Landed Houses
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2.2 By Key Cities
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2.2.1 Muscat
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2.2.2 Dhofar
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2.2.3 Musandam
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2.2.4 Salalh
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2.2.5 Rest of Oman
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Oman Luxury Residential Real Estate Market Size FAQs
What is the current Oman Luxury Residential Real Estate Market size?
The Oman Luxury Residential Real Estate Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Oman Luxury Residential Real Estate Market?
AL Hudu Real Estate Oman , Aqwaas Real Estate, Tibiaan Properties, Saraya Real Estate and Savills Oman – Muscat are the major companies operating in the Oman Luxury Residential Real Estate Market.