The Business Year

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Christopher Steel

Managing Partner, Savills Oman

The sector has been making up for lost time. However, it is likely to return to normal growth, which is about 6%-10% per annum. In the first few years after the collapse, we saw negligible growth, so the greater increases in more recent years have made up for the lack of growth over that period. It is now a more sustainable market. I have, however, one large caveat; there is a tendency for markets to become too optimistic about growth based on what happens in nearby countries. Memories are very short and people should not base their investment decisions on what is happening across the border in Dubai.

Salman Jalil

Operations Manager, Eqarat.com

The population of the country is increasing, and the country itself is growing. We are automatically affected when disposable incomes rise, as people start buying land, or if they have been waiting to build their own home, begin building. That translates into business for people like us. I see a silver lining and there are many developers who are ready to build apartments for sale. This all contributes to growth of the economy and of the real estate sector. It will not happen fast, but it will certainly happen.

Hayyan Ali Malallah Al Lawati

Business Development Director, Hayyan Ali Malallah Al Lawati

Investor confidence has returned. The mood in 2H2012 and 2013 was much more optimistic than in previous years. Prices are a witness to this; they have been steady and even rising in certain areas of Muscat. Looking around the city of Muscat, one notices many new construction projects underway. We are a growing nation with very young demographic, so, in the long term, there is a requirement for housing, services, entertainment, offices, and malls, which are all directly related to the real estate sector.

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