Oman Tourist Developments Tempt Investors

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Increased government spending and a healthy economic outlook are driving forward the domestic property market in Oman.

The development of integrated tourism property projects by the government in its new Five Year Plan covering 2011 to 2015 means that infrastructure and unit constructions are both receiving a hefty injection of funds.

It has been announced that the amount will be increased from the initial projection of RO12.1 billion to RO16 billion. This includes a 45% rise in expenditure on housing, from RO323 million to RO469 million during the rest of the year.

Recent government figures show that the national GDP of Oman grew by 13.2% for the first three quarters in 2012, and data from international credit ratings agency Standard and Poor indicates that if oil prices remain stable the government’s budget will remain in surplus for the next two years.

As might be expected, the residential property sector is in a healthy state and the new Integrated Tourism Complex (ITC) developments are expected to give a further boost to an already positive picture.

Developments such as Muscat Hills, which consists of 80 town houses and villas being sold off plan, went into Phase 2 of its construction in the latter part of last year, and is indicative of the scale of the projects currently underway. Other developments include the Saraya A Bandar Jissah ITC project at Qantab.

Already the ITC developments have started to translate into transactions as investors from both within the country and outside take advantage of the secondary market.

The indications of how successful the projects will be can be seen by the increasing rental values at Muscat Hills and The Wave, where demand is outstripping supply. This is expected to create a positive feedback loop meaning that further investment will continue to flow.

If you are interested in property in Oman it is important to choose the right way to send money abroad. The exchange rates quoted by banks are almost always less attractive to investors than those available through a currency exchange specialist.

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Oman Tourist Developments Tempt Investors

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