MUSCAT: A recent report by the Indian research company Mordor Intelligence has predicted that the commercial real estate sector will continue to recover and grow in the Sultanate of Oman in the next five years.

The report, which was published on the company website, said that the Omani real estate market is recovering. It will be one of the main factors that are expected to encourage private sector investments in the Sultanate of Oman.

The commercial real estate sector will continue to grow due to the continued recovery of oil prices, and the start of natural gas production in the Khazzan field. It gives a boost to the country’s GDP growth, and this growth is also expected to boost the performance of the commercial real estate sector in the Sultanate.

The report also pointed out that the amended Real Estate Investment Funds Regulations issued by the Capital Market Authority enhances the activity of the real estate market in the Sultanate of Oman. It now allows residents to buy shares from real estate development companies listed on the Muscat Stock Exchange.

The report also mentioned that Oman, as part of its plans to reduce its dependence on oil and diversify the economy, has also opened the real estate sector to expatriate investments in Integrated Tourism Complexes (ITCs), which are freehold mixed-use development projects, featuring different asset classes, including residential, hospitality and retail and entertainment.

The report stated that commercial real estate in the Sultanate is also gaining momentum from the transformations that the retail market is going through, and changing consumer preferences.