Oman’s real estate market continued its strong growth in 2024, with transaction values surging by 28.1% year-on-year, reaching $8.13 billion by November, according to official data.
The National Center for Statistics and Information reported a 3.1% annual increase in sale contracts, totaling 1.1 billion rials during the period. Additionally, the number of real estate deals rose by 1.9%, reaching 61,552 transactions.
This impressive performance reflects growing confidence in Oman’s property market. Market intelligence firm Mordor Intelligence projects that the residential real estate sector will experience a compound annual growth rate of 9.19%, with its value increasing from $4.38 billion in 2024 to $6.80 billion by 2029.
To attract foreign investment, Oman rolled out a series of reforms, including tax incentives for developers and simplified property laws for non-citizens. These measures have been particularly appealing to foreign investors, as the country works to diversify its economy and boost the real estate sector.
With a population of 5.27 million as of January 2025, more than 43 percent of Oman’s residents are expatriates, contributing to a demand surge for both residential and commercial properties, especially in urban centers. This expatriate presence has become a driving force behind the country’s property market growth.
Oman’s Vision 2040 Drives Real Estate Growth
Oman’s Vision 2040, the strategic development plan aimed at transforming the nation, places a strong emphasis on sustainability and innovation, highlighting their role in shaping the future of the real estate market.
According to data from the National Center for Statistics and Information (NCSI), the value of mortgage contracts has seen a notable increase, rising by 44.8 percent year-on-year in the first 11 months of 2024, reaching 2.1 billion rials. However, the number of mortgage contracts fell by 12.2 percent during the same period, dropping to 18,846 from 21,461 in the previous year.
