Young Omanis to fill the vacancies in rental market

The Oman’s rental market would be revitalised by tens of thousands of Omani jobs as per the words of certain experts. The vacancies formed by the leaving expatriates would be filled by the new Omani workforce as quoted by the real estate bosses. As per a new report, about 5000 educated foreigners left the country in the first half of 2017 and the rent had dipped by at least 30 per cent.

In certain parts of Muscat, the rents have dropped by as much as 32.49 per cent as the as reported by real estate companies.

The reason as to why the rents are falling is attributed to  the fact that there are plenty of constructions happening in the region. Between 2003 and 2010 there was around 3000 average number of villas built in Muscat. However in the year 2016 alone, about 9000 villa building permits have been issued. There is a lot of pressure in the rental market as there is a decline with job holders who might rent the apartments. The report states that due to the decline in the number of expatriate employees, the rents have fallen by at least eight per cent in the first half of 2017.  The only area with a silver lining is the premium properties with amenities like gymnasiums and swimming pools as the rent declines in this section has been quite small.

Simply put, it is a tenant market and not a real estate agent’s market at present.