Opportunities beckon in Muscat’s softening residential market
Opportunities exist for landlords to secure income by offering prospective tenants additional incentives, according to recent research by Cluttons.
Cluttons’ Muscat Spring 2016 Property Market Outlook report asserts that landlords who are putting tenants first by offering realistic market rents in line with the current economic reality and increasing incentives such as free access to onsite and local facilities, will likely be the first to benefit once the market does pick up.
Philip Paul, Cluttons’ Head of Country, Oman said: “We continue to see increased vacancy levels in stock that is perceived to be secondary, presenting landlords with a significant opportunity to take a long term view and refurbish during these emerging void period. With average rents slipping across Muscat, tenants are now benefitting from choice although Cluttons advises that good quality property correctly priced is still being snapped up quickly. Upgrading stock is certainly advantageous for landlords at this time.”
According to Cluttons’ research, average residential rents dipped by 5.9% during the first quarter, leaving them 12.7% below Q1 2015.
To stay on top of the latest real estate news, subscribe to Cityscape Magazine.