Market Size of Oman Luxury Residential Real Estate Industry
| Study Period | 2024 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oman Luxury Residential Real Estate Market Analysis
The Oman Luxury Residential Real Estate Market is valued at about USD 1 Billion and is expected to register a CAGR greater than 6% during the forecast period.
- Dar Global, the luxury international real estate developer announced the launch of sales for AIDA, a unique mixed-use gated community located in Muscat, Oman. AIDA features a Trump golf course and offers the ultimate luxury golf, residential, and hospitality experiences. AIDA is a joint development project between Dar Global and OMRAN Group, Oman's leading tourism development company. The project spans over 3.4 million square meters and is located in the heart of Muscat, overlooking the Sea of Oman. The project's gross development value is USD 2.4 billion, with phased construction taking place over ten years.
- COVID-19 had impacted the Oman luxury residential real estate sector, as this sector in Muscat experienced declined demand due to pandemic restrictions. Despite the disruption, now the market is in the recovery phase. The luxury residential real estate market is experiencing significant growth, such as the potential growth of the hospitality and travel sector due to relaxed restrictions and vaccines rolled out.
- The Hay Al Naseem project, the first of the integrated Villa housing developments in Oman being developed under Al Souroh, will serve as a broad model for the new developments. Hay Al Naseem is spread across 350,000 square meters. It functions as a mixed-use development with apartments, villas and townhouses, commercial facilities, public spaces, and recreational services.
- Omran and Saraya Holding Oman, Muscat's premier resort village, is currently developing a residential project under the name of Muscat Bay. This is a natural, peaceful place that will be home to 435 exclusive residential units that combine attractive waterfront and mountainside views with easy access to modern amenities. In addition, two five-star hotels will form the major leisure components of Muscat Bay, providing guests with a luxurious retreat where the mountains meet the Arabian sea.
