• Demand remains high for centrally located, fully furnished properties and complexes with lifestyle facilities

• The sales market is fluid and unpredictable but showing signs of recovery

• The City of Muscat continues to yield strong demand but Cluttons note an increase in demand for properties moving westwards out of the city.

• Express way has opened making outlying areas more accessible, and increasing demand

20 December 2011, Dubai, UAE - Cluttons, the real estate specialist that has enjoyed a dedicated Middle Eastern presence since 1976, and is currently celebrating its 25th year of operation in the Sultanate, today offers a review of residential property activity in Oman 2011.

The earlier part of 2011 signaled the start of a more stable and recovering housing market for Oman. Buoyed by increased oil prices and a robust economy, demand in the residential housing market has never been stronger, but under the constraints of a continuing oversupplied market, buyers and tenants will be very much governing the real estate trends for 2012.

Cluttons notes that the leasing market is showing the most interesting shift in balance between tenant and owners expectations, with many more property variables such as design, style, location, age and size, as well as superior facilities affecting pricing. Cluttons notes that this variable market is putting downward pressure on Landlords, and is creating a shift from the 'good times' to a new residential phase. In 2012 landlords will have to work harder to compete and provide real value for money, by meeting tenants expectation.

As 2011 draws to a close, Cluttons notes that Oman's ITC (Integrated Tourist Complexes) continue to be in high demand, although this has not risen dramatically over the course of the year. In conjunction improved infrastructure by way of the newly completed expressway, has given rise to increased demand for the outer lying areas as they become more accessible. In the centre of Muscat, Cluttons has noted increased demand for fully furnished apartments, with modern high quality finishes and lifestyle amenities.

The sales market continues to be fluid and somewhat unpredictable with both buyers and owners playing a waiting game within the residential property market, however with new projected plans for housing scheduled to go online in 2012 in the local and ITC markets, Cluttons are cautiously optimistic about the growth of the residential real estate market for 2012.

-Ends-

Cluttons LLP is an independent partnership of chartered surveyors founded in 1765. With a network of offices in the UK, Europe, Middle East, South Africa and Caribbean, Cluttons LLP offers a wide range of professional property management, agency and consultancy services across the commercial and residential sectors, for both investors and occupiers. For further information, please see:
www.cluttons.com

Cluttons Property Management team can be contacted by telephone on +968 24564250 or info@om.cluttons.com

Issued by: Sophie Toh | Sophie Snow
Toh Public Relations
Tel: 00971 4 354 9212
Email: sophie.snow@tohpr.com

© Press Release 2012