Commercial Real Estate in Oman Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Commercial Real Estate Market in Oman is Segmented by Type and by Key Cities. by Type, the Market is Segmented by Offices, Retail, Industrial, Logistics, Multi-Family, and Hospitality, and by Key Cities, the Market is Segmented by Muscat, Sohar, and Dhofar. The Report Offers the Market Sizes and Forecasts for the Commercial Real Estate Market in Oman in Terms of Value (USD) for all the Above Segments.

Oman Commercial Real Estate Market Size

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Oman Commercial Real Estate Market Summary
Study Period 2019-2029
Market Size (2024) USD 7.68 Billion
Market Size (2029) USD 11.70 Billion
CAGR (2024 - 2029) 8.78 %
Fastest Growing Market Asia Pacific
Largest Market Europe

Major Players

Oman Commercial Real Estate Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Oman Commercial Real Estate Market Analysis

The Oman Commercial Real Estate Market size is estimated at USD 7.68 billion in 2024, and is expected to reach USD 11.70 billion by 2029, growing at a CAGR of 8.78% during the forecast period (2024-2029).

  • COVID-19 severely impacted the Oman commercial real estate sector, as the office sector in Muscat experienced declined demand due to pandemic restrictions. However, despite the disruption, the market recovered from 2021 to 2022.
  • The commercial real estate market is experiencing significant growth, such as potential growth of the hospitality and travel sector due to relaxed restrictions and vaccine roll-out, the development of traditional office space dedicated to startups and new companies, and the introduction of new co-working spaces in the Sultanate.
  • Under Vision 2040, the Omani government is inviting more investment flows into the commercial real estate sector. Furthermore, investment opportunities are growing in the hospitality and industrial sectors and attracting developers with tax breaks, reduced rent, fast-tracked licenses, and duty waivers.
  • In addition, The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) initiated a program with more than 50 different investment opportunities in May 2021 to attract investments worth USD 520 Million into the industrial sector. This initiative further accelerates countries' economies with an increase in GDP.
  • Furthermore, Oman's Public Establishment for Industrial Estates (Madyan) is planning six new industrial cities to develop 50 million square meters of new acreage for industrial investment under Vision 2040. These new clusters are coming up at Mahas, Ibri, Shinas, Marmul, Thamrait, and Al Mudhaibi.

Oman Commercial Real Estate Market Trends

Hospitality sector witnessing lucrative growth

The hospitality sector was the worst hit by the pandemic due to the implementation of COVID-19 protocols such as travel restrictions and social distancing. Now, the sector is in the recovery phase but has not reached the pre-pandemic levels.

Moreover, to attract new investments into the sector, the Oman Investment Authority (OIA) announced the restructuring of its tourism and real estate investments in the Sultanate by transferring them to the Oman Tourism Development Company (OMRAN Group), now a subsidy of OIA. This program aims at developing the tourism sector, enhancing management in tourism and hospitality real estate investments, aligning with the vision 2040 plan, and achieving economic diversification as well as integration with the private sector.

Vision 2040 seeks to boost tourism's share of GDP to 10% by 2040, generate 535,000 new jobs in the tourism industry, attract 11 million international and domestic tourists, and reach 14 million room nights by 2040. The planned system of clusters is an essential component of the overall Oman Tourism Strategy. Each cluster consists of well-served groups of attractions, with plenty of accommodation, a transport network, tourist amenities, and services.

Oman Commercial Real Estate Market: Number of Guest Staying in 3- to 5-Star Hotels, 000' Volume, 2023

Government investments into infrastructure development takes precedence

  • In recent months, there has been a surge in government investment projects. The government's authority for industrial estates announced the development of 5 new industrial cities, in addition to the 9 existing industrial estates, with a long-term objective of establishing 40 industrial estates by 2040 in Oman.
  • The Ministry of Transport, communications & Information Technology has revived plans to improve road infrastructure, including a causeway to Masirah Island and a new road between Al Batinah and Jabal Akhdar.
  • The government plans to develop a national railway network and create a metro system in Muscat. The Ministry of Housing & Urban Planning has launched tenders for smart city developments in Seeb, Salalah, Nizwa & Sohar, and a mixed-use project in Jabal Akhdar.
  • Muscat International Airport has a capacity of over 20 million passengers per year. The airport expansion project aims to make Oman an aviation hub in the region and to increase tourism in the country.
  • Oman is investing in its railway infrastructure, including the building of the 2,244 km long Oman National Railway. This railway network will link the major cities of Oman and the ports of the country, improving connectivity, increasing trade, and reducing road traffic.
Oman Commercial Real Estate Market: Oman Government Surplus or Deficit: Fiscal from Jun 2022 to Mar 2023, In OMR Million

Oman Commercial Real Estate Industry Overview

Oman's commercial real estate market is fragmented due to the presence of a large number of players in the market. Some of the major players in the market include Al Taher Group, BBH GROUP, OMRAN Group, Malik Developments, and Shanfari Group. The country is witnessing significant investment opportunities backed by non-oil economic growth, especially in the industrial sector, which presents growth opportunities for more players to enter the market during the forecast period.

Oman Commercial Real Estate Market Leaders

  1. BBH Group

  2. Omran Group

  3. Malik Developments

  4. Al-Taher Group

  5. Shanfari Group

*Disclaimer: Major Players sorted in no particular order

Oman Commercial Real Estate Market Concentration
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Oman Commercial Real Estate Market News

  • November 2023: The long-delayed Blue City project in Oman was relaunched under the auspices of the Grand Blue City Development Company, which is backed by the sovereign wealth fund Oman Investment Authority (OIA). The project is also known by the Arabic acronym (BAT).
  • July 2023: Oman Tourism Development Company (Omran) sought a multidisciplinary consultant to undertake a concept masterplan for the entire site and to provide a detailed masterplan and detailed architectural design guidelines for the mixed-use town of Madinat Al Irvine East. The mixed-use town center will likely cover 175,000 square meters and will feature a number of modern mixed-use developments. The development of the town center will help to position Oman as a premier MICE and business tourist destination.

Oman Commercial Real Estate Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Dynamics

      1. 4.2.1 Market Drivers

        1. 4.2.1.1 Rise In Population

        2. 4.2.1.2 Foreign Investments

      2. 4.2.2 Market Restraints

        1. 4.2.2.1 High Cost

      3. 4.2.3 Market Opportunities

        1. 4.2.3.1 Technological Innovations

    3. 4.3 Supply Chain / Value Chain Analysis

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers/Consumers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Offices

      2. 5.1.2 Retail

      3. 5.1.3 Industrial

      4. 5.1.4 Logistics

      5. 5.1.5 Multi-family

      6. 5.1.6 Hospitality

    2. 5.2 By Key Cities

      1. 5.2.1 Muscat

      2. 5.2.2 Sohar

      3. 5.2.3 Dhofar

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Overview (Market Concentration and Major Players)

    2. 6.2 Company Profiles

      1. 6.2.1 BBH Group

      2. 6.2.2 Omran Group

      3. 6.2.3 Shanfari Group

      4. 6.2.4 Al-Taher Group

      5. 6.2.5 Malik Developments

      6. 6.2.6 Hamptons International & Partners LLC

      7. 6.2.7 WUJHA

      8. 6.2.8 Diamonds Real Estate

      9. 6.2.9 Al Tamman Real Estate

      10. 6.2.10 Alfardan Group

      11. 6.2.11 Al Osool Group

      12. 6.2.12 Hilal Properties*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. APPENDIX

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Oman Commercial Real Estate Industry Segmentation

CRE stands for 'commercial real estate.' It can refer to anything from a single store to a large shopping center. It can also refer to property used solely for business purposes or to serve as a workspace instead of a home, which would be considered residential real estate (HVAC). The most common use for CRE is leasing to tenants to carry out income-producing activities. Commercial real estate (CRE) refers to property for business-related purposes or to provide a workspace rather than a living space.

The commercial real estate market in Oman is segmented by type and by key cities. By type, the market is segmented by offices, retail, industrial, logistics, multi-family, and hospitality, and by key cities, the market is segmented by Muscat, Sohar, and Dhofar. 

The report offers the market sizes and forecasts for the commercial real estate market in Oman in value (USD) for all the above segments.

By Type
Offices
Retail
Industrial
Logistics
Multi-family
Hospitality
By Key Cities
Muscat
Sohar
Dhofar
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Oman Commercial Real Estate Market Research FAQs

The Oman Commercial Real Estate Market size is expected to reach USD 7.68 billion in 2024 and grow at a CAGR of 8.78% to reach USD 11.70 billion by 2029.

In 2024, the Oman Commercial Real Estate Market size is expected to reach USD 7.68 billion.

BBH Group, Omran Group, Malik Developments, Al-Taher Group and Shanfari Group are the major companies operating in the Oman Commercial Real Estate Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Europe accounts for the largest market share in Oman Commercial Real Estate Market.

In 2023, the Oman Commercial Real Estate Market size was estimated at USD 7.01 billion. The report covers the Oman Commercial Real Estate Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Oman Commercial Real Estate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Oman Commercial Real Estate Industry Report

Statistics for the 2024 Oman Commercial Real Estate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oman Commercial Real Estate analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Commercial Real Estate in Oman Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)