Latest news with #CavendishMaxwell
Zawya
2 days ago
- Business
- Zawya
Cavendish Maxwell earns Great Place to Work Certification™
Dubai, UAE. Dubai based leading real estate advisory and property consultant Cavendish Maxwell has been named a Great Place To Work® by the global authority on workplace culture and employee experience. Based entirely on what current employees say about their working experience, the prestigious accolade is awarded only to companies that stand out as a top flight organisation when it comes to leadership behaviours, employee retention, innovation and a favourable working environment. More than 90% of Cavendish Maxwell employees surveyed in the UAE and regional offices in the GCC said the company is great place to work. Jessica Taylor, Group Chief Operating Officer, Cavendish Maxwell, said: 'We are honoured and proud to become Great Place To Work-Certified™. As with any thriving organisation, our people are key to our continued growth and success. The award comes as Cavendish Maxwell embarks on a new and exciting phase in its regional expansion and growth strategy. Our team members' skills, experience, dedication and loyalty are pivotal to our ongoing success in 2025 and beyond, and I am ever-grateful for their unwavering drive and support. The accolade is also crucial for our recruitment and team member growth, as top talent will be drawn to our Great Place To Work status.' Sarah Lewis-Kulin, Vice President of Global Recognition at Great Place To Work, added: '"Great Place To Work Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience. Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture and by successfully earning this recognition, Cavendish Maxwell stands out as a top company to work at, providing a great environment for its people." Cavendish Maxwell provides a wide range of benefits, attractions and enhancements for its 120+-strong team. Among them: hybrid working, flexible hours, personal and professional development schemes and monthly initiatives to build inter-office and inter-departmental relationships. Events include employee awards, townhall updates, health and wellbeing initiatives, celebrations for Ramadan, Eid, Diwali and the festive season to reflect the cultural diversity at the company, and the ever-popular Cavendish Maxwell Beach Olympics, which brings together all team members from across the region. According to Great Place To Work research, job seekers are 4.5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at Certified workplaces are 93% more likely to look forward to coming to work, and are twice as likely to be paid fairly, earn a fair share of the company's profits and have a fair chance at promotion. About Cavendish Maxwell Cavendish Maxwell is one of the Middle East's leading real estate advisory groups and property consultants, with offices in Dubai, Abu Dhabi, Sharjah, Ajman, Ras Al Khaimah, Kuwait City, Muscat and Riyadh. The company is a member of the Royal Institution of Chartered Surveyors (RICS) and offers a full range of property-related services, including valuation, strategic advisory, research, project and building consultancy and investment and commercial agency expertise. With a team of experienced professionals and a commitment to delivering exceptional service, Cavendish Maxwell has established itself as a trusted advisor in the regional real estate market. About Great Place to Work Certification™ Great Place To Work® Certification™ is the most definitive 'employer-of-choice' recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place To Work-Certified. About Great Place To Work ® As the global authority on workplace culture, Great Place To Work® brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Their proprietary platform and For All™ Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified™ or receiving recognition on a coveted Best Workplaces™ List.
Gulf Business
3 days ago
- Business
- Gulf Business
Oman's real estate: How many homes, hotel rooms are to come up by 2030?
Image credit: Getty Images The Sultanate of Oman is poised to deliver 62,800 new residential real estate units by 2030, with 5,500 set to come to market this year, in line with the country's strategic vision, according to new insight from leading According to the firm's Oman Real Estate Market Performance Report, released during Oman Design and Build Week, Oman will also add 5,800 hotel rooms over the next five years, with 35 new hotels and resorts scheduled to open by 2030. This will boost the current hotel inventory by around 25 per cent. Read- Housing inventory and distribution Oman's residential real estate inventory grew by 3.6 per cent in 2024, with 38,400 new homes delivered, bringing the total supply to approximately 1.1 million units. Most of the residential supply is located in Muscat, followed by Al Batinah North and South, and Dhofar. This expansion supports Oman Vision 2040, which targets 90 per cent of the national economy being driven by non-oil sectors by 2040. The population, currently at 5.3 million, is projected to reach 7.7 million by then, driven by both Omani nationals and expatriates. Over 80,000 new homes are expected to be delivered between now and 2040. Demand to outpace supply? Despite the pipeline of tens of thousands of new properties, Cavendish Maxwell warns of a possible shortfall in supply, citing rapid population growth. The consultancy estimates that 340,000 new homes will be required to maintain a sustainable 90 per cent occupancy rate in the long term. 'Oman is undergoing a meaningful economic transformation, with strong momentum in non-oil sectors and a growing population driving demand across real estate and infrastructure. Vision 2040 is not just a plan – it's a commitment to a sustainable, knowledge-driven, globally competitive future,' Khalil Al Zadjali, Head of Oman at Cavendish Maxwell, said. 'As the country advances with the 2040 agenda, stimulating investment in the real estate sector will be increasingly important. Government-led initiatives to attract foreign and local investment can play a key role in ensuring long-term housing market resilience. However, given the possibility of demand outpacing supply, proactive planning will be essential to avoid a potential shortfall,' Al Zadjali added. Occupancy rates holding strong Occupancy rates in Oman's residential sector remain stable, averaging 85.2 per cent across all units. Villas and arabic houses maintain a slightly stronger occupancy rate at 87.5 per cent, compared to apartments at 80.8 per cent. Apartment occupancy levels rose by 3 per cent in 2024 compared to the previous year. Integrated Tourism Complexes a key driver Integrated Tourism Complexes (ITCs) are playing a key role in shaping Oman's real estate future. These are the only areas where non-Omani nationals can own freehold property and are typically priced more affordably than comparable locations in the GCC, while offering similar rental yields. Aligned with Vision 2040, ITCs aim to support economic diversification. Key ITCs are under development in Muscat, Dhofar, South Al Batinah, South Al Sharqiyah, and Musandam. Apartment sales in ITCs generally range from OMR800 to OMR1,100 per square metre, compared to 1,600–2,100 in Dubai, 1,400–1,850 in Abu Dhabi, and 1,000–1,300 in Doha. Rental yields at Oman's ITCs range from 5 to 8 per cent, comparable to GCC peers. Villa prices range from OMR750 to OMR1,000 per square meter, again lower than Dubai (1,400–1,850) and Abu Dhabi (1,350–1,750). Branded residences gaining traction Branded residences are increasingly popular, offering premium options for investors and residents. Notable developments include: La Vie by Tivoli Hotels and Residences: OMR1,300–1,500 per square meter St. Regis by Marriott: OMR2,100–2,400 per square metre Mandarin Oriental Residences: OMR2,400–2,600/sq metre Tourism on the rise Oman's tourism sector continues to grow, with strong demand from both international and domestic travellers. In 2024, the country's four airports handled 14.5 million passengers – a 2.5 per cent year-on-year increase. Muscat led with 12.9 million passengers, while Salalah managed 1.5 million, underscoring its status as a seasonal destination. Hotel sector outperforms pre-pandemic levels Oman's hotels welcomed 2.15 million guests in 2024 – a 3.6 per cent increase from 2023. Hotel revenues rose by 6.1 per cent to OMR243. Cavendish Maxwell forecasts a positive but stable outlook for the tourism sector. The country currently has around 270 hotels and resorts, offering 24,000 rooms, more than half of which fall into the Upscale, Upper-Upscale, or Luxury segments. An additional 5,800 rooms across 35 hotels are planned by 2030, with 54 per cent in the higher-end segments, indicating a pivot towards premium tourism. Hotel performance metrics improving Hotel occupancy rose by an average of 2.4 per cent in 2024. The Upper Midscale and Midscale segments saw the highest gains – 11.1 per cent and 8.9 per cent respectively. Average Daily Rates (ADRs) reached OMR53.4, with Upper Midscale and Midscale hotels seeing ADR increases of 3.8 and 5.7 per cent respectively.
Zawya
3 days ago
- Business
- Zawya
Oman on track to deliver 62,800 residential units by 2030
Muscat: The Sultanate of Oman is poised to deliver 62,800 new residential real estate units by 2030, with 5,500 coming to market this year in line with the country's strategic vision, according to new insight from leading real estate and advisory consultant, Cavendish Maxwell. According to Cavendish Maxwell's Oman real estate market performance report, published this week during Oman Design and Build Week, Oman 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 new rooms will boost current inventory by around 25%. Oman's residential real estate inventory grew by 3.6% in 2024, with 38,400 new homes delivered, taking the current supply to around 1.1 million units, the report shows. Most of the residential supply is in Muscat, followed by Al Batinah North and South, and Dhofar. Expansion of the real estate, infrastructure, hospitality and tourism sectors is part of Oman Vision 2040, which aims for non-oil sectors to account for 90% of the economy by 2040. By then, Oman's population - currently 5.3 million - is expected to reach 7.7 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. However, Oman's rapid population growth could mean a shortfall in residential property supply in the future, despite tens of thousands of new properties in the pipeline, says Cavendish Maxwell, which predicts that another 340,000 new homes would be needed to support a sustainable, 90% occupancy rate. Khalil Al Zadjali, Head of Oman at Cavendish Maxwell, said: 'Oman is undergoing a meaningful economic transformation, with strong momentum in non-oil sectors and a growing population driving demand across real estate and infrastructure. Vision 2040 is not just a plan - it's a commitment to a sustainable, knowledge-driven, globally competitive future. As the country moves forward with the 2040 agenda, stimulating investment in the real estate sector will be of increasing importance. Government-led initiatives to attract foreign and local investment can play a key role in ensuring long-term housing market resilience, while at the same time supporting national development priorities. However, given the possibility of demand outpacing supply, proactive planning will be essential in avoiding a potential shortfall. 'Oman's tourism sector is also poised for continued, stable growth, with international visitors on the rise and thousands of new hotel rooms in the pipeline. Backed by Government initiatives, growing investor confidence and favourable demographic trends, Oman's real estate, tourism and hospitality sectors are well positioned for sustained, long-term development.' Occupancy trends Occupancy rates in Oman's residential sector remain stable, averaging 85.2% across all units. Villas and Arabic houses maintain a slightly stronger rate of 87.5%, compared to apartments at 80.8%. Apartment occupancy levels rose 3% in 2024, compared to the previous year. Integrated Tourism Complexes Integrated Tourism Complexes (ITCs) are set to play a pivotal role in shaping Oman's future, as, unlike anywhere else in the country, they allow non-Omani nationals to own a freehold property and offer more affordable prices than other key parts of the GCC, with similar rental yields. In line with Vision 2040, ITCs aim to strengthen the economy and diversify the real estate sector. Several ITCs are under development in key locations like Muscat, Dhofar, South Al Batinah, South Al Sharqiyah and Musandam. ITC apartment sales prices typically range from 800 to 1,100 OMR per square metre - a more accessible rate than other key areas of the GCC, where prices in Dubai range from 1,600 to 2,100 OMR/sq metre; 1,400 to 1,850 in Abu Dhabi and 1,000 to 1,300 in Doha. Rental yields at Oman's ITCs, at 5% to 8%, closely match those in Dubai, Abu Dhabi and Doha. Meanwhile, villa prices range from 750 to 1,000 OMR/sq metres, compared to 1,400 to 1,850 in Dubai, 1,350 to 1,750 in Abu Dhabi. Branded residences Branded residences are making their mark in Oman, catering to investors and end-users seeking premium living in high end properties. Sales prices vary depending on brand and location. Current options include La Vie by Tivoli Hotels and Residences, where prices range from 1,300 to 1,500 OMR/sq metre; St. Regis by Marriott, at 2,100 to 2,400; and Mandarin Oriental-branded residences at 2,400 to 2,600. Oman tourism sector Tourism is on the increase in Oman, reflecting growing demand and confidence from international visitors and domestic travellers. Oman's four airports handled 14.5 million passengers in 2024 - a year-on-year increase of 2.5%. Muscat and Salalah handled 12.9 million and 1.5 million passengers respectively, highlighting Muscat's role as the country's primary air travel hub, and Salalah's strength as a seasonal destination. Hotel guests and revenue surpassed pre-pandemic levels in 2024, with 2.15 million guests staying at Oman's 3-5 star hotels in 2024 - a 3.6% jump on 2023. Hotel revenue rose 6.1% to 243 OMR. With guest numbers continuing to rise, Cavendish Maxwell predicts a positive but stable outlook for the country's tourism sector. Oman is currently home to around 270 hotels and resorts, with 24,000 rooms between them. More than half are in the Upscale, Upper-Upscale and Luxury segments. Another 5,800 rooms across 35 hotels and resorts are set to come online by 2030, with 54% in the Upper Upscale and Luxury segments, suggesting a shift towards high-value tourism. Hotel occupancy rose by an average 2.4% in 2024, with the Upper Midscale and Midscale segments seeing the biggest jumps: 11.1% and 8.9% respectively. Average Daily Rates - ADRs - reached 53.4 OMR, with the Upper Midscale and Midscale sectors recording increases of 3.8% and 5.7% respectively. © Muscat Media Group Provided by SyndiGate Media Inc. (
Muscat Daily
4 days ago
- Business
- Muscat Daily
Oman set to deliver 62,800 residential units, 5,800 new hotel rooms by 2030
Muscat – Oman is set to deliver 62,800 new residential property units by 2030, with 5,500 expected to come to market this year, in line with the country's strategic vision, according to new insight report from leading real estate and advisory consultancy, Cavendish Maxwell. According to Cavendish Maxwell's Oman Real Estate Market Performance report, published last week during Oman Design and Build Week, the sultanate is expected 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 new rooms will increase existing capacity by approximately 25%. Oman's residential property inventory grew by 3.6% in 2024, with 38,400 new homes delivered, bringing the current supply to around 1.1mn units, the report showed. Most of this housing stock is located in Muscat, followed by Al Batinah North and South, and Dhofar. Expansion of the real estate, infrastructure, hospitality, and tourism sectors is a core component of Oman Vision 2040, which seeks to have non-oil sectors contribute 90% of the national economy by 2040. By that time, Oman's population – currently 5.3mn – is projected to reach 7.7mn, driven by growth in both Omani nationals and expatriates. Over 80,000 new homes are forecast to be delivered between now and 2040. However, Oman's rapid population growth could result in a future shortfall in housing stock, despite tens of thousands of new properties in the pipeline, said Cavendish Maxwell. The consultancy estimates that an additional 340,000 new homes will be required to support a sustainable 90% occupancy rate. Khalil al Zadjali, Head of Oman at Cavendish Maxwell, said, 'Oman is undergoing a meaningful economic transformation, with strong momentum in non-oil sectors and a growing population driving demand across real estate and infrastructure. Vision 2040 is not just a plan – it's a commitment to a sustainable, knowledge-driven, globally competitive future. As the country moves forward with the 2040 agenda, stimulating investment in the real estate sector will be of increasing importance.' 'Government-led initiatives to attract foreign and local investment can play a key role in ensuring long-term housing market resilience, while at the same time supporting national development priorities. However, given the possibility of demand outpacing supply, proactive planning will be essential in avoiding a potential shortfall,' he said. 'Oman's tourism sector is also poised for continued, stable growth, with international visitors on the rise and thousands of new hotel rooms in the pipeline. Backed by government initiatives, growing investor confidence and favourable demographic trends, Oman's real estate, tourism and hospitality sectors are well positioned for sustained, long-term development,' Zadjali added. Occupancy trends According to Cavendish Maxwell, occupancy rates in Oman's residential sector remain stable, averaging 85.2% across all units. Villas and Arabic-style houses maintain a slightly stronger rate of 87.5%, compared to apartments at 80.8%. Apartment occupancy levels increased by 3% in 2024 compared to the previous year. Integrated Tourism Complexes (ITCs) are expected to play a pivotal role in shaping Oman's future, as they are the only locations in the country where non-Omani nationals may own freehold property. These developments also offer more accessible pricing compared to other key parts of the GCC, while delivering comparable rental yields. In line with Vision 2040, ITCs aim to bolster the economy and diversify the real estate sector. Several ITCs are currently under development in strategic locations such as Muscat, Dhofar, South Al Batinah, South Al Sharqiyah, and Musandam. According to the report, ITC apartment sale prices in Oman typically range from RO800 to RO1,100 per square metre – a more accessible rate than in other leading GCC cities, where prices in Dubai range from RO1,600 to RO2,100 per square metre; RO1,400 to RO1,850 in Abu Dhabi; and RO1,000 to RO1,300 in Doha. Rental yields at Oman's ITCs, at 5% to 8%, closely mirror those in Dubai, Abu Dhabi, and Doha. Meanwhile, villa prices range from RO750 to RO1,000 per square metre, compared to RO1,400 to RO1,850 in Dubai and RO1,350 to RO1,750 in Abu Dhabi. Tourism sector growth Tourism in Oman continues to grow, reflecting rising demand and confidence among both international visitors and domestic travellers. Oman's four airports handled 14.5mn passengers in 2024 – a year-on-year increase of 2.5%. Muscat and Salalah accounted for 12.9mn and 1.5mn passengers respectively, underlining Muscat's role as the primary air travel hub and Salalah's significance as a seasonal destination. Hotel guest numbers and revenues surpassed pre-pandemic levels in 2024, with 2.15mn guests staying at Oman's 3- to 5-star hotels – a 3.6% increase on 2023. With visitor numbers continuing to rise, Cavendish Maxwell forecasts a positive, stable outlook for the country's tourism sector. According to the report, Oman currently has approximately 270 hotels and resorts, offering around 24,000 rooms. More than half fall into the Upscale, Upper-Upscale, and Luxury categories. A further 5,800 rooms across 35 hotels and resorts are set to be added by 2030, with 54% of them in the Upper-Upscale and Luxury segments, indicating a shift towards high-value tourism.
Times of Oman
4 days ago
- Business
- Times of Oman
Oman on track to deliver 62,800 residential units by 2030
Muscat: The Sultanate of Oman is poised to deliver 62,800 new residential real estate units by 2030, with 5,500 coming to market this year in line with the country's strategic vision, according to new insight from leading real estate and advisory consultant, Cavendish Maxwell. According to Cavendish Maxwell's Oman real estate market performance report, published this week during Oman Design and Build Week, Oman 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 new rooms will boost current inventory by around 25%. Oman's residential real estate inventory grew by 3.6% in 2024, with 38,400 new homes delivered, taking the current supply to around 1.1 million units, the report shows. Most of the residential supply is in Muscat, followed by Al Batinah North and South, and Dhofar. Expansion of the real estate, infrastructure, hospitality and tourism sectors is part of Oman Vision 2040, which aims for non-oil sectors to account for 90% of the economy by 2040. By then, Oman's population - currently 5.3 million - is expected to reach 7.7 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. However, Oman's rapid population growth could mean a shortfall in residential property supply in the future, despite tens of thousands of new properties in the pipeline, says Cavendish Maxwell, which predicts that another 340,000 new homes would be needed to support a sustainable, 90% occupancy rate. Khalil Al Zadjali, Head of Oman at Cavendish Maxwell, said: 'Oman is undergoing a meaningful economic transformation, with strong momentum in non-oil sectors and a growing population driving demand across real estate and infrastructure. Vision 2040 is not just a plan - it's a commitment to a sustainable, knowledge-driven, globally competitive future. As the country moves forward with the 2040 agenda, stimulating investment in the real estate sector will be of increasing importance. Government-led initiatives to attract foreign and local investment can play a key role in ensuring long-term housing market resilience, while at the same time supporting national development priorities. However, given the possibility of demand outpacing supply, proactive planning will be essential in avoiding a potential shortfall. 'Oman's tourism sector is also poised for continued, stable growth, with international visitors on the rise and thousands of new hotel rooms in the pipeline. Backed by Government initiatives, growing investor confidence and favourable demographic trends, Oman's real estate, tourism and hospitality sectors are well positioned for sustained, long-term development.' Occupancy trends Occupancy rates in Oman's residential sector remain stable, averaging 85.2% across all units. Villas and Arabic houses maintain a slightly stronger rate of 87.5%, compared to apartments at 80.8%. Apartment occupancy levels rose 3% in 2024, compared to the previous year. Integrated Tourism Complexes Integrated Tourism Complexes (ITCs) are set to play a pivotal role in shaping Oman's future, as, unlike anywhere else in the country, they allow non-Omani nationals to own a freehold property and offer more affordable prices than other key parts of the GCC, with similar rental yields. In line with Vision 2040, ITCs aim to strengthen the economy and diversify the real estate sector. Several ITCs are under development in key locations like Muscat, Dhofar, South Al Batinah, South Al Sharqiyah and Musandam. ITC apartment sales prices typically range from 800 to 1,100 OMR per square metre - a more accessible rate than other key areas of the GCC, where prices in Dubai range from 1,600 to 2,100 OMR/sq metre; 1,400 to 1,850 in Abu Dhabi and 1,000 to 1,300 in Doha. Rental yields at Oman's ITCs, at 5% to 8%, closely match those in Dubai, Abu Dhabi and Doha. Meanwhile, villa prices range from 750 to 1,000 OMR/sq metres, compared to 1,400 to 1,850 in Dubai, 1,350 to 1,750 in Abu Dhabi. Branded residences Branded residences are making their mark in Oman, catering to investors and end-users seeking premium living in high end properties. Sales prices vary depending on brand and location. Current options include La Vie by Tivoli Hotels and Residences, where prices range from 1,300 to 1,500 OMR/sq metre; St. Regis by Marriott, at 2,100 to 2,400; and Mandarin Oriental-branded residences at 2,400 to 2,600. Oman tourism sector Tourism is on the increase in Oman, reflecting growing demand and confidence from international visitors and domestic travellers. Oman's four airports handled 14.5 million passengers in 2024 - a year-on-year increase of 2.5%. Muscat and Salalah handled 12.9 million and 1.5 million passengers respectively, highlighting Muscat's role as the country's primary air travel hub, and Salalah's strength as a seasonal destination. Hotel guests and revenue surpassed pre-pandemic levels in 2024, with 2.15 million guests staying at Oman's 3-5 star hotels in 2024 - a 3.6% jump on 2023. Hotel revenue rose 6.1% to 243 OMR. With guest numbers continuing to rise, Cavendish Maxwell predicts a positive but stable outlook for the country's tourism sector. Oman is currently home to around 270 hotels and resorts, with 24,000 rooms between them. More than half are in the Upscale, Upper-Upscale and Luxury segments. Another 5,800 rooms across 35 hotels and resorts are set to come online by 2030, with 54% in the Upper Upscale and Luxury segments, suggesting a shift towards high-value tourism. Hotel occupancy rose by an average 2.4% in 2024, with the Upper Midscale and Midscale segments seeing the biggest jumps: 11.1% and 8.9% respectively. Average Daily Rates - ADRs - reached 53.4 OMR, with the Upper Midscale and Midscale sectors recording increases of 3.8% and 5.7% respectively.
