Oman to receive 63,000 new residential units by 2030 as population grows
Oman plans to deliver 62,800 residential units by 2030, with 5,500 entering the market this year, real estate consultancy Cavendish Maxwell said in a report.
The Gulf country is set to add 5,800 hotel rooms to its current inventory over the next five years, with 35 new hotels and resorts scheduled to open by 2030, the report said. The new rooms will boost current inventory by around 25 per cent.
Residential real estate inventory grew by 3.6 per cent in 2024, with 38,400 new homes delivered.
Oman's population is expected to reach 7.7 million from the current 5.3 million, driven by increasing numbers of both Omani nationals and expatriates. More than 80,000 new homes are projected to be delivered between now and 2040, Cavendish Maxwell said.
Integrated Tourism Complexes (ITCs) will play a pivotal role in shaping Oman's real estate sector as non-Omani nationals can own freehold property.
Several ITCs are under development in locations like Muscat, Dhofar, South Al Batinah, South Al Sharqiyah and Musandam, the report said.
Oman is currently home to 270 hotels and resorts, with 24,000 rooms between them.
Another 5,800 rooms across 35 hotels and resorts are set to come online by 2030, with 54 percent in the upper upscale and luxury segments, suggesting a shift towards high-value tourism, Cavendish Maxwell said.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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