MUSCAT : The expected demand for flats/apartments, following the easing of family visa salary ceiling, has not been substantial enough to witness a hike in rentals in prime residential areas of Ruwi, Qurum and Al Khuwair, according to real estate firms in the capital area.
Rentals in Ruwi are still hovering between OMR 100 to OMR 200 for 1BHK flats and between OMR 150 to 250 for 2BHK. It continues to be stable even in the Al Khuwair area, with rents ranging between OMR 130 to OMR 250 for 1BHK and from OMR 200 to OMR 300 for 2BHK.
Qurum, which enjoys a luxury profile, has also note seen a marked increase in rents, with 1BHK charges ranging between OMR 150 to OMR 250 and 2BHK between OMR 200 to OMR 350.
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Speaking exclusively to The Arabian Stories, Ridhwan Radzi (MRICS), Head of Research and Consultancy at Hamptons International said: “The recent announcement of family visa regulations is expected to have a significant impact on the residential real estate market, especially in Muscat. However, based on recent government population statistics (NCSI), it may be too early to measure its impact.”
Promising movements
On a general note, rentals depend on the location of buildings and the provision of facilities and amenities, which explains why rentals of Grade B and C buildings have dropped by about 15% owing to various reasons, primarily an excess supply of housing units.
Meanwhile, Saud Khan, Vice President of Investments and Advisory at Tibiaan Properties, said certain areas in Muscat Governorate are showing promising movements. “We cannot say that overall demand has increased; however, certain areas are showing promising movement like Azaiba, Ghubra, Baushar, and Al Hail as well. This growth is also reflecting movement of expatriate population from old city areas like Ruwi, Darsait, and Wadi Kabir. However, products with good facilities like swimming pools, gyms, and free WIFI are always more in demand by the expatriate population,” Khan added.
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