Friday 27 / December / 2024
Muscat: Diversity in the real estate product offerings of both local and international firms can boost the real estate sector in the Sultanate, said organisers of the forthcoming Oman Real Estate Exhibition and Conference (OREX).
Innovative models such as entertainment facilities at malls, integrated housing projects and quality building materials are all part of the diverse services in the real estate market. OREX will address this among other issues when it takes place in March next year.
“We will have international exhibitors showcasing their diverse offerings in the real estate sector. It can include integrated complexes, new services in malls and complexes, and entertainment facilities, among others,” noted Hassan Mohammed Juma, general manager at Oman Real Estate Association (ORA).
“We have seen a positive outlook for the real estate sector even in challenging times. I think this is the best time to do the conference, considering the number of real estate projects coming up and the maturity of the market. We need better quality offerings to do something about the demand. At the moment, the demand is much lower than the supply, so apart from accelerating the economic growth, I think we must also discuss more ways to boost the sector. One of this is REIT (Real Estate Investment Trusts), which will be very important for the sector.”
Juma remarked that the conference would include participants from various countries, who are also potential investors in the country and could boost foreign direct investment, as well as create demand in the sector.
An agreement was signed between Omanexpo general manager Nader Abbas and ORA chairman Mohamed bin Salim Al Busaidi in the presence of some members of the media. Also present were ORA vice chairman Hassan Juma al Lawati and OREX exhibition director Fehmi Ouaja. “We are glad to announce our partnership with ORA in organising the first edition of OREX, which will be a co-located event of The BIG Show Oman. It has been recognised and established as Oman’s biggest and most important event in the building and construction sector. We are also proud to say that we will be holding its 15th edition in March 2018,” stressed Ouaja.
“As we all know, tourism is one of the government’s priority sectors for foreign direct investment. Currently, there is a spate of development projects, such as residential, commercial, mixed-use and integrated tourism complexes (ITCs), happening all over Oman. Developments such as Al Mouj Muscat (formerly The Wave), Muscat Bay (formerly Saraya Bandar Jissah), and Muscat Hills Golf and Country Club have boosted the housing market, in terms of growth and value, the most recent among them being the Hawana Project in Salalah,” added Abbas.
“These developments, along with the freehold properties that have recently been opened to foreign ownership, have attracted expatriates and investors from the region and within the neighbouring countries. The rise in the demand for newer-style residential buildings, and the surge in the new modern apartments with amenities that meet international standards are positively buoying the market. We are assured that the market will remain stable and steady.”
Oman Real Estate Exhibition and Conference will be held from March 12 to 14, 2018, at the Oman Convention and Exhibition Centre, in conjunction with The BIG Show (Builders International Gathering).
Real estate investment trust
The real estate investment trust (REIT) fund will encourage investors and property developers to come up with different real estate projects.
Oman government has finalised a draft regulation for listing REIT funds and is now awaiting final approval from some of the ministries.
REITs are securities that sell like a stock on the bourse and invest in real estate directly, either through properties or mortgages.
It provides investors an opportunity to participate in real-estate projects even with a small fund size and offers regular income and capital appreciation.
