Kuwaitis top GCC realty buyers in Oman



Kuwaitis top GCC realty buyers in Oman

24th, August 2016

By Lakshmi Kothaneth — MUSCAT: Kuwaiti nationals are the top GCC real estate investors in Oman, according to the figures released by the National Centre for Statistics and Information. In 2015, citizens from other GCC countries bought 2,259 real estate properties in the country. Of these, Kuwait accounted for 46 per cent, UAE 40 per cent, Bahrain and Qatar five per cent each and Saudi Arabia four per cent. Abdullah al Amry, a real estate expert, “There should be a ceiling on purchase of properties to avoid fluctuations in realty market. Omani real estate market could be controlled by others, which is unhealthy for the sector.”

Sohar and Salalah have been the favourite among the property buyers in recent years. Barka too is fast developing as a logistics city. Sohar witnessed a real estate boom two years ago after the port activity moved to Sohar from Muscat. On the current market scenario, Al Amry saiad: “It is weak, but the sector will bounce back.” “There are two types of investors, those who invest in real estate projects and those who just buy and sell. The former creates jobs and boosts development, while the latter only develops buildings for rent purposes,” he said. “Buying in real estate projects is fine. The issue arises only when buying and selling is in other properties and when nationals are selling their land,” said Al Amry.


 














Copyright 2007 mideast-times.com