Non-resident-Indians retire in Oman

Photo: Josema

When it comes to retirement, a growing number of non-resident-Indians are attracted to Oman’s property market. The rise in Oman’s expat appeal is primarily driven by its affordability, particularly in relation to other popular destinations such as Dubai.

Indeed, retirement property hunters’ typically hover around the OMR 100,000 mark, says Cluttons, with one-bedroom apartments at The Wave, in Muscat, among the most sought-after. (Activity involving the development’s higher end apartments is largely confined to first time buyers and buy-to-let investors.)

Cluttons’ latest market report predicts that The Wave’s attractiveness will increase with the completion of the five-star Kempinski hotel in 2015 and the four-star Wave Village Plaza Hotel, due to complete in 2017. With two more hotels planned, boost desirability, Cluttons expects to see further upward pressure on capital value growth rates.

As a result of this growing demand from retirees, rents are being pushed up.

“The influx of expat families to the capital has helped to drive overall levels of tenant requirements and the number of enquiries we are receiving for gated community living have risen sharply in tandem. The demand has been centred on three bedroom villas and this is reflected in the fact that rents in this category rose by just over 5 per cent during Q2 before levelling off during the seasonal summer showdown,” adds Cluttons.