Despite the challenging global market conditions and as international markets recover from economic recession, The Wave, Muscat, has achieved a new milestone with unprecedented sales during its 7th property release by selling 60% of the 160 properties on offer within the first two days. The Wave, Muscat has become the only real estate development to sell properties off-plan in the Sultanate for a considerable time, which bears testimony to the strength of the project and the investor confidence it enjoys both locally and internationally.
The fully master-planned community offered a number of apartment and townhouse options at Al Marsa Village for immediate sale and will continue to present viable investment solutions until the remaining apartment units are sold. To date, 50% of buyers are Omani nationals with the remaining buyer demographic comprised of expatriates from the Indian Sub-Continent and Europe.
Michael Lenarduzzi, CEO of The Wave, Muscat stated, “Our diverse property offerings continuously appeal to growing markets and the number of sales to date is a testament to the market’s confidence in our world-class mixed use project, which has appealed to a large spectrum of local and international buyers and investors, giving the real estate sector added stability and grounding.”
He added, “Through our strategic partnership with UAE based Majid Al Futtaim Investment and the Omani Government, we have managed to uphold the highest standards of excellence to distinguish ourselves as a premier development and ensure the delivery of a reliable and fully-fledged community in the heart of the capital.”
Lenarduzzi went on to say that despite the current global market climate, The Wave, Muscat has continued to present sound property investment opportunities through in-depth understanding of the industry and market sensibilities. All Luban apartments and Neem townhouses offer modern convenience and luxurious comfort of the highest caliber and have recently been designed to create a more spacious and enhanced living experience that caters to local trends and tastes at varied price points. The properties are located in the dynamic waterfront community of Al Marsa Village, the largest phase in the development of the cosmopolitan suburb which is characterized by a number of recreational and tourist attractions, including a Sailing Academy, international retail outlets and 5 star luxury hotels. With a growing economy, tax freedom and increasing population fueling demand for homes, The Wave, Muscat’s off-plan sales strategy is providing added benefits from potential capital gains during construction, proving to be a popular means for investment in residential property. The multi-billion dollar Integrated Tourism Complex (ITC) is expected to release additional property to the market in upcoming months to reinforce its long-term product offering including fully transferable and 100% freehold properties in addition to residency visas for foreigners in accordance with the Sultanate’s new foreign ownership laws. In addition, a wide range of mortgage and financial solutions are available to multiple and first-time buyers through The Wave, Muscat’s long standing partnership with a number of leading national banks.