By A Staff Reporter -
MUCAT — Cluttons Oman, the leading property firm that has enjoyed a presence in the Sultanate since 1986, expects Oman’s property market to maintain steady growth over the coming years given the definite signs of stability being witnessed in the country’s property sector. The observation from Cluttons Oman comes ahead of a number of events to mark its 25th anniversary in the Sultanate, which will include an educational initiative with local schoolchildren.
Cluttons Oman highlights the significant development of the Omani economy in recent years, stating that this points to a steady recovery and sustained health of the country’s property market moving forward. Likewise, demand for housing in Oman is expected to remain positive given the rate at which companies are expanding operations in the Sultanate, coupled with the fact that residents are seeking to move into better areas and larger properties following the market correction.
“Oman continues to be a key market for Cluttons, and considering the various economic indicators and the market dynamics, we are extremely confident that the country’s property sector is set for substantial long term growth. This year we complete 25 years in Oman, reaffirming our in-depth knowledge of this market, which we have closely seen evolve and gradually develop to its present state. While our 25th anniversary is no doubt a major milestone for us, it is also an opportunity to renew our commitment to raise the standards of property management in Oman and ensure that a market as vibrant, unique and rewarding as this gets the best of what we have to offer,” said Philip Paul, Head of Office for Cluttons Oman. After making its regional foray through its office in Dubai in 1976, Cluttons strategically entered the Omani market in 1986 in order to manage the prestigious landmark building Hatat House. Initially, the goal was to provide quality Chartered Surveying advice across a range of services with valuation and property management forming the basis. During those years, there was a market need for a level of quality that was absent in some of the first generation buildings being delivered.
“Market corrections are sometimes necessary for sustained growth and stability and we believe that moving forward the upturn will offer opportunities in a maturing market like Oman. The requirement to upgrade older stock, the increased government spending — on the back of high oil prices — in new infrastructure and projects, and new areas of the city opening up, will all produce opportunities. The challenge as the market recovers is to deliver the quality required for a modern economy across all sectors,” added Paul.