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Oman rental prices seen to resist decline in 2013
- Oman: Monday, January 21 - 2013 at 04:39
Real estate firm Savills Oman has residential rental prices in the sultanate's capital, Muscat, are not expected to decline in 2013, as the increasing demand for quality housing continues to outstrip supply, Muscat Daily has reported. As new jobs are created and the expatriate population increases steadily, the market is experiencing an undersupply of good-quality, affordable housing units which will continue to pressure rental values, said Chris Steel, managing partner of Savills Oman. "Since the demand is so high with a growing expatriate population and new jobs being created by the government, we do not expect to see rental values softening in 2013. There will continue to be an undersupply of affordable housing, which will maintain the pressure on rental prices," Steel added.
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