Experts warn Oman's property prices unsustainable
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Experts warn Oman's property prices unsustainable

Experts warn Oman's property prices unsustainable

Real estate experts in Oman have warned the 'meteoric' surge of property prices in the past six years cannot be sustained and predicted a crash of the profitable sector, Times of Oman has reported. Since 2007, the value of plots of land has risen, in some areas by over 500%, and house prices have gone up more than three times their value since then, Ahmed Al Ismaily, proprietor of Al Hadeeth Property Investments, said. However, the market is reaching its saturation point now, he said. "What goes up must come down. It is impossible to sustain the rapid growth in the property market for much longer," Al Ismaily said. "It is starting to stagnate because new buyers are now finding the purchasing of lands and houses beyond their reach," he said.

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    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

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