Language(s): Arabic, English,
Total Area: 309,500 km²
GDP (in million USD): 53,782
Oman, officially called the Sultanate of Oman, is an Arab state in southwest Asia on the southeast coast of the Arabian Peninsula. It has a strategically important position at the mouth of the Persian Gulf.
Residential prices in Oman are significantly down from their 2008 peak, especially within Integrated Tourism Complexes (ITCs). But prices are recovering, and transaction levels are up, according to the real estate agent Cluttons.
Demand is strong in established central areas such as MadinatQaboos, Qurum, and Shatti Al Qurum. The coastal suburbs of Azaiba and Ghubrah North have become increasingly attractive as well. The opening of the Muscat Expressway has also paved the way for Bausher area's rapid development. ITCs such as The Wave and Muscat Hills, where prices fell during 2009, are now in demand due to their superior design, setting and facilities.
The opening of Oman's real estate market to foreigners began in 2002, as part of the "Vision 2020" plan, which aims to diversify Oman's economic base and reduce its dependence on oil revenues. In December 2002, GCC nationals gained the right to own real estate for residential or investment purposes. In February 2006 other nationalities were also given the right to own real estate, but only in ITCs. By buying property, expatriate owners automatically get residency rights for themselves and their immediate families.