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GCC nationals raise investments in Oman property

The relatively cheaper cost of land is attracting GCC investors to Oman, fuelling growth, believes a top businessman.

  • By Sunil K. Vaidya, Bureau Chief
  • Published: 00:17 April 16, 2008
  • Gulf News

Muscat: The relatively cheaper cost of land is attracting GCC investors to Oman, fuelling growth, believes a top businessman.

"Land prices in Oman are cheaper compared to the other GCC states, thus more and more GCC nationals are investing in real estate in Oman," Ahmad Saleh Baabood, managing director of Oman International Trade and Exhibition (OITE), told Gulf News on the sidelines of the opening of the International Property Exhibition (IPE), Money World and the Oman Travel Market (OTM) on Tuesday at the Oman International Exhibition Centre.

Boom

Baabood, who also has interest in real estate sector, said that the growth in properties was obvious for everyone to see. "I would say it has grown five times in the last couple of years," he said.

He felt that besides the relatively lower cost, the easy availability of land was one of the factors that GCC nationals, especially Kuwaitis, are investing in land in Oman in a big way. "The demand among the GCC nationals is still there and they are buying properties," he added.

On shortage of housing units in Muscat, Baabood agreed that there was a shortage but new units were coming up fast too. "There's also a shortage of cement," he pointed out.

He said that his company's exhibition, which opened yesterday, would further help showcase opportunities in Oman to foreign investors.

About 76 exhibitors from eight countries are taking part in the events that cover the realty sector, financial and investment market and travel and tourism.

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