Market Size of Oman Commercial Real Estate Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
