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Realty growth

Global consultants have reposed immense faith in the robustness of the realty scene in the Sultanate. They believe that despite the cautious approach of major players, there are signs that the market is on the cusp of solid growth brick by brick. A host of steps for regulatory easing of the market and the promising demographic shift are bound to generate concrete growth in years ahead. The latest studies by Global Server, an international economic consultancy based out of Beijing and Oxford Business Group point to returning dynamism of the market. Though there has been some recent softness in the market, experts says, there is reason to be upbeat considering projections based on some major indicators. The government must be appreciated for initiating a host of legal and regulatory steps that would ultimately consolidate market gains and build the base of a lasting rally. The government’s economic diversification programme with focus on key sectors like manufacturing, infrastructure and logistics have the potential to synergise rapid growth in the realty sector. It would also benefit from a key demographic dividend of the Sultanate that will ultimately impact many other core sectors of the nation’s economy. The nation has a burgeoning demographic band of youth that is expanding even further. Right now they form about 50 per cent of the nation’s population and they can pressure several sectors like retail, hospitality, healthcare and realty to boom. This wide band is a key growth catalyst for the economy that will have a lasting impact. The youth are far more educated and self-reliant will power the future realty growth across the nation. And this growth is unlikely to remain limited to present urban centres, but expand horizontally as the government’s huge inputs into infrastructure growth begin yielding results.

The government’s drive to provide universal housing will also catalyse realty growth. It has initiated several programmes, guided by the vision of His Majesty Sultan Qaboos Bin Said. The allotment of housing plots has been going up every year and the number of families without own house have been declining. The government has also been liberal in making available building materials and funds for people wanting to construct houses on the allotted plots. The government’s focus on programmes that take care of people’s needs is the reason behind people’s contentment. The Sultanate has been spurred on its path of progress by the peace and calm that prevails over the nation. Prosperity happens when people are happy and have reason to look forward. The growth in transport and communications infrastructure is the key to spreading growth beyond heavily built up areas. This would also reduce the strain on the carrying capacity of present urban areas. Major road projects like the Batinah Expressway and Adam-Thumrait road have immensely helped in dispersing growth to less crowded areas and bringing communities together. The Sultanate has also chosen to locate industrial parks across different areas of the Sultanate, making it possible to take jobs to communities, rather than disrupting communities by causing large-scale economic migration. That is why roads and the proposed rail infrastructure can be considered prime movers of development.

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