Muscat Real Estate & Investment Exhibition seen to spur market

Muscat - 

Participants in the three-day Muscat Real Estate & Investment Exhibition at Oman Convention & Exhibition Centre that started on Monday said that such events are needed to stimulate and develop the market in Oman.

More exhibitions of this kind will help the real estate sector’s prospects and growth as well as provide opportunities to market properties, the exhibitors said.

Held by Al Shaam for Organizing Exhibitions and Festivals, in cooperation with the ministries of Housing and Tourism, the opening was held under the patronage of Sheikh Ali bin Nasser al Mahrouqi, secretary general of Majlis A'Shura. The event will end on Wednesday.

Speaking to Muscat Daily, Juma Mubarak al Araimi, chairman of Al Shaam for Organizing Exhibitions and Festivals, said, "The event aims at stimulating the real estate market in Oman. It is an opportunity for Omani and foreign companies to exchange experiences in real estate investment. We have exhibitors from ten countries, including Britain, Portugal and the UAE. I wish to spread the culture of exhibitions among business owners.

“The real estate market was stagnating, but it is beginning to improve. I expect the market in the sultanate will be active during the coming period.”

Echoing Araimi’s perception of the sector, Khalifa bin Harib al Muhairi, director of Al Rasikhoon Real Estate from the UAE that is participating in the exhibition, said the Omani real estate market is promising.

“We participated to offer our residential units for sale to Omanis. We are offering two projects - integrated residential cities and residential towers in the UAE. I believe that such exhibitions revive the buying and selling movement in the real estate market.”

The exhibition is offering an opportunity to Muscat Bay to promote its residential projects.

Maha Hussain al Balushi, sales consultant of the new development at the foot of the Al Hajar Mountains, too said the Omani real estate market has been improving in the past few months.

“Oman has great locations for real estate investment, so many foreign investors from Europe and some Arab countries prefer real estate investments in the sultanate. We need more of such exhibitions to support the Omani real estate market and promote our residential projects."

Such exhibitions also help the government's plan for economic diversification, according to Haitham Mohammed al Amri, business development executive of RE/MAX.

“Real estate investment is one of the key elements to energise the Omani economy. Oman aims to create 4,000 housing units over the next six months. These exhibitions are a platform for spreading awareness, so I hope many more of these are held to promote real estate investment in Oman.”

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