Engel & Voelkers, a leading international real estate brand, continues its strategic and aggressive expansion in the Middle East. In the Sultanate of Oman 5 licences for agency services in the premium residential segment have been sold. Following in the wake of the UAE, Jordan, Qatar and Bahrain, Oman is set to become a serious player in the regional real estate boom.
The licences have been acquired by two highly-regarded businessmen, Sultan Suroor Al Kharusi and Mohamed Al-Musalhi, who plan to open the first Engel & Voelkers branch office in Muscat. Oman’s capital, in approximately four months. “I am pleased to see our brand attracting influential people,” said Debbie Baertschi, Managing Director of Engel & Voelkers Middle East. These men are very well-connected and we are confident that they will make a great contribution to the success of Engel & Voelkers in the region.”
Oman is poised for take off as an attractive destination for international tourists. Oman is an oil and gas rich country, and these two natural resources account for nearly 80% of its revenue. The government is pouring this money into the infrastructure, industry, tourism and construction. This boom, together with the new law on freehold land ownership, has allowed the economy to grow by an impressive 38% over the past two years.
Because all investors can acquire freehold status – Omanis, GCC nationals (member countries of the Gulf Cooperation Council) and expatriates - a new era of property investment has dawned in Oman. When investors were invited to buy into the first phase of The Wave, Muscat’s new 520-million-euro beachfront hotel and residential project, it was oversubscribed by a factor of 20. More exclusive residential projects are on the way to cope with the growing demand, such as The Blue City in Al Sawadi and The Barr Al Jissah Resort Residences in Muscat.
