Tenants swap homes after 40% drop in rents

Rents have dropped by as much as 40 percent in some parts of Muscat and residents are swapping homes in order to take advantage of the situation. The economic downturn, Omanisation and expats leaving Oman has left the rental market reeling in some parts of the capital. A number of leading real estate agencies have said that even in sought-after areas like Qurum, rental rates have dropped by at least 5%. Oman Spring 2017 Market report by Cluttons highlights how tenants are now in the driving seat when negotiating lease terms in the residential and commercial markets.