Market Size of Oman Construction Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 6.82 Billion |
| Market Size (2029) | USD 8.02 Billion |
| CAGR (2024 - 2029) | 3.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oman Construction Market Analysis
The Oman Construction Market size is estimated at USD 6.82 billion in 2024, and is expected to reach USD 8.02 billion by 2029, growing at a CAGR of 3.30% during the forecast period (2024-2029).
Pouring investment in the country is one of the major factors driving the growth of the construction market. Government initiatives and projects demanding construction megaprojects are also boosting the market.
- The Omani real estate market is anticipated to continue moving forward strongly and favorably due to the shifting trends, which indicate that investors are paying attention to the market again. The real estate market has witnessed growth since the third quarter of last year, supported by a strong structural base and increased demand.
- The Omani government's new ownership plan, which permits foreigners to buy properties outside of integrated tourism complexes (ITC), along with many choices and actions, is anticipated to draw capital investments in the real estate market. At the end of July 2022, the overall traded value of real estate activity exceeded OMR 1.3 billion (USD 3.38 billion), while the total traded value of the property increased only by 27.4% from June 2022 to July 2022, reaching OMR 213.1 million (USD 553.45 million).
- The affordability and accessibility of housing are more important priorities for the Omani government. The campaign for "Homes for All Citizens" increased the demand for inexpensive housing, creating much-needed liquidity in the industry. Following the success of its first integrated housing development project in Barka based on the public-private partnership (PPP) model, Oman's Ministry of Housing and Urban Planning has announced plans for five new buildings totaling 4,800 housing units, catering to an estimated 24,000 people.
- The government announced new opportunities for domestic and international real estate companies and institutions specializing in real estate development to submit "Expressions of Interest" to compete, which is expected to increase investment in the country's construction market.
