Residential prices in Oman are significantly down from their 2008 peak, especially within Integrated Tourism Complexes (ITCs). But prices are recovering, and transaction levels are up, according to the real estate agent Cluttons.
Demand is strong in established central areas such as Madinat Qaboos, Qurum, and Shatti Al Qurum. The coastal suburbs of Azaiba and Ghubrah North have become increasingly attractive as well. The opening of the Muscat Expressway has also paved the way for Bausher area's rapid development.
ITCs such as The Wave and Muscat Hills, where prices fell during 2009, are now in demand due to their superior design, setting and facilities. Based on Savills Oman's H1 2011 figures, asking prices in The Wave are:
2 bedroom apartments - OMR 120,000 (US$ 312,094)
3 bedroom townhouse - OMR 160,000 (US$ 416,126)
4 bedroom villas - OMR 230,000 (US$ 598,181)
5 bedroom villas - OMR 285,000 (US$ 741,224).
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