MUSCAT — Optimistic about the real estate market in Oman, Mish’al Mohamed Abdullah, general manager of Zain Property Development, sees demand for quality and affordable homes even in these difficult times.

“In today’s market occupiers want to pay the right price and not high premiums for properties. They are looking for prices that match their need. There is no room for speculators in the current market,” says Abdullah. Data shows that 21 per cent of the Sultanate’s population is in the age group of 20 to 30 years and many of them are now getting ready to settle down and start their own family, which in turn is driving the demand for affordable housing.

However, most Omanis cannot afford expensive housing that is currently available in the market. Looking at the need of the market, developers are increasing their focus towards reasonably priced properties. “In the near future affordable housing will be a social need, where end users will look for quality and design at reasonable prices,” he added.

Family-owned company Zain Property Development recently launched its debut development project Dar Al Zain, which covers a 62,000 square metre site in Seeb.

The RO17-million project comprising of 180 villas had a good start with all the 36 five-bedroom villas in phase one being sold out. The first phase will be completed by June 2010. Sales have now begun for Phase two, which comprises 43 residential units of single, twin, three and four bedroom villas. “We expect to complete the second phase by May 2011 and complete the project of 180 villas by end of 2012,” says Abdullah. Price, quality, design and credibility of a project are major deciding factors among buyers today. Dar Al Zain project is catering to various income-group. The development will feature a variety of on-site facilities such as a fully equipped gymnasium and pool (both indoor and outdoor), a child day care centre, coffee outlet, mini market and an array of other services. The project requires a booking deposit of RO5,000 followed by gradual bi-monthly instalments of 10 per cent. To tap into the larger market Zain Property has tied up with Bank Sohar and National Bank of Oman (NBO). “For our customers Bank Sohar is providing home loan upto 30 years at 7.75 per cent interest with a minimum down payment of 20 per cent,” he added.

Oman’s real estate market lacks in affordable value property and this is the segment Zain is trying to cater.