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MENAFN - 15/10/2012

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(MENAFN) A recent report by property consultancy firm Cluttons showed that real estate activity in Oman grew by 59.7 percent to USD2.1 billion in the January-May period, Arabian Business reported.

The increase in property transactions indicates greater confidence and activity in the Sultanate's property market, supported by increased availability of mortgage finance.

However, the Gulf country's real estate market still lacks good quality, well-designed stock suited to tenants' expectations and desires, particularly shortage of high quality villas in the central and western areas, the report noted.

Cluttons said that a significant proportion of property demand in 2012 so far had been for high quality developments with allocated parking, on-site gyms and swimming pools, children's play areas and green common spaces.

It noted that demand would continue to outstrip supply for such properties throughout the rest of 2012.

Rental costs in Oman stabilised in the first five months of the year, while costs in less favourable areas are still declining, Cluttons said.

 






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