Oman’s hospitality industry will be a key force behind real estate growth in the Sultanate in 2017.
According to new research by international real estate consultancy, Cluttons, Oman is witnessing an exponential growth in the four and five-star hotel market.
In the next two years, under construction hotels will bring a 50% increase in room supply.
The Cluttons Winter 2016/17 Property Market Outlook report for Muscat indicates that despite the sluggish residential and office market during the third quarter, there is hope for better times.
Philip Paul, Head of Cluttons, Oman said: “While the local residential and office markets are feeling the burden of economic challenges, Muscat remains a highly attractive tourist destination within the Gulf and investors have taken note.”
“The significant increase in supply we’re anticipating will result in a more competitive market from an operator perspective but will also provide an increase in choice for customers. ”
“We expect this will help to drive the continued growth in the tourism and hospitality sector, with other operators drawn in by the allure of a rapidly emerging market,” he continued.
Paul added that although the hospitality industry is looking positive, the residential and office markets are not expected to improve soon.