Real estate prices stable

By Said Al Nabhani

MUSCAT The real estate market in the Sultanate has witnessed stability in terms of prices during the last four months.

Like all other sectors, real estate sector had also faced a crisis due to the global economic recession. Earlier, there was a decline in real estate prices.

Many real estate investors said that many housing properties were available at affordable prices.

They added that this is a good opportunity for those who want to build houses as the prices of building materials have come down.

Investors said real estate activity slowed down because many banking institutions did not finance the sector during the
period. They urged the banking sector to provide financial facilities to activate the real estate sector.

“The real estate market had witnessed a boom before the economic crisis. This encouraged the investors from inside and outside the Sultanate to invest their money in this sector,” said Ishaq Al Hoqani, general manager of Al Nama Company for Real Estate.

Al Hoqani added that the fall in the prices of building materials, especially iron which ranges between RO208 to 215 per tonne after it touched RO640, have contributed to activating the construction sector.

Oman Tribune