Emerging trends in Oman real estate market
The unprecedented pandemic issue has toppled down the economics of every nation which makes the year unmemorable for entrepreneurs and tycoons. Even though, it could help in reshaping the traditional marketing methods and forming new trends.
As for Oman, even 2020 seemed to face the decline in some sectors, 2021 means a lot. The ease of regulations in different sectors and government measures to attract foreign investments and tourists will cause an upsurge in the market, especially the real estate sector.
Markets in Oman, 2021
The Omanization project aiming to diminish the expat population in Oman has caused a serious hit on the economy. But the recovery measures targeting the tourists with an expected growth of 7-8 million tourists by the coming decade are greatly relieving the sector.
With Covid-19 restrictions gradually easing, the Oman property market is readying to show the signs of stability and recovery. Multiple sectors of real estate marketing must be equipped to understand and adapt to the new trends accelerated by the pandemic. The key focus in 2021 must be the developments that enhance the quality of life through the application of integrated safety, sanitation and automation principles.
Trends real estate market
The changed views and modes amid the pandemic have created short-term and long-term changes which define how plans must be set up. Here are the top trends that will shape up local property markets in Oman in future
- Preference for Larger spaces.
The highly contagious characteristic of the pandemic has directed investors, owners and tenants to opt for larger liveable spaces. In the backdrop of that, the virus worst affected the high densely populated areas; the markets must be rethinking the design of the spaces into more comfortable standards.
The pandemic has highlighted the risks of high-density properties and revealed the safety of low-density properties. The urge for smart offices in the business sector also is a cause of rethinking the traditional designs. Also, the mixed-use developments or which blend commercial, residential and industrial activities into one location are more likely to be one of the most sought after properties in the new normal. As the people are more to look for spaces which avoid the crowd as possible.
- Focus on safety and sanitation.
Oman being a nation with much priority to the safety of citizens and the expats, the prime focus of the real estate sector should be on safety and sanitation. Safe living is getting high priority in the core objectives of development initiatives alongside Safe future.
The facing of Corona virus has stirred new thinking to managing nature and its resources in a way of helping the health and well-being of both nature and human beings. To ensure a safe living and health security the principle of sustainable development needs to be strengthened adequately. Moreover, the public consciousness on hygiene has made it crucial to understand the air quality, waste management and such details about a building.
The digital transformation of the Sultanate of Oman was base on building a digital society and automate all government services of the different section for citizens, residents and business. But the crisis the world fell in had much to do in fastening the intensification of possibilities of artificial intelligence and smart technology. The principals of automation have already conquered the minds of the usual thing in the new normal. The lag in adopting technology in the new normal is likely to produce negative impacts on the markets. Also, proptech(the application of information technology and platform economics to real estate markets) has some tangible advantage as of increased innovation, transparency, enhanced promotion, improved occupancy, better communication, higher value etc.