May EN 2019

11 The report highlighted the real estate conditions in Oman and said that investors looking for serious investmentsfindtimetofollowupmarket developments and seize lucrative deals during the month, taking into account its spiritual particularities and people’s preoccupation with their religious rites. Al Mazaya pointed out that the Saudi real estate market abounds in myriad opportunities, with more fluctuations and volatilities as a result of the widening gap between demand and supply, with sales projected to continue to fall during the rest of the current year in favour of the rental sector. On the other hand, rental transactions are booming during the holy month, with no price hikes recorded, creating more growth opportunities by the end of the month. Property prices in the Sultanate remain stable without sharp fluctuations during the month as they are already lower than those in neighbouring markets, therefore, attracting buyers, investors and speculators, and building up customer confidence, based on the belief that prices will not go down furthermore than that. It is worth noting that the real estate market in Oman needs more stimulation efforts to improve the performance of business, tourism and transport sectors, and ultimately maximise returns, taking into account that buying and selling decisions are not limited to the month of Ramadan, specially that the decision to buy takes time that often exceeds the number of days of the month. Mazaya Monthly Real Estate Report - Week 3 - May 2019 The report noted that current prices are beyond the purchasing power of most segments of society, which poses more challenges to demand-driven operations and pushes prices further downward, just to the benefit of the leasing sector. The report stressed that successful promotions have become very important during the holy month in general and must continue beyond the month in order to engage potential customers under all circumstances. The report highlights in this regard the current geopolitical tension in the region as a driving factor behind ongoing volatilities in the real estate and energy sectors alike. Such a situation, says the report, adversely affects investment decisions and cripples promotion plans during the holy month of Ramadan, should they continue thereafter.