Real Estate price index released

MUSCAT: The second Oman Real Estate Conference saw the release of a real estate price indicator for Muscat, in association with Oman Real Estate Association (OREA), the Ministry of Housing and some real estate companies.

Mohammed bin Salim al Busaidi, OREA Board chairman, said, “We are requesting more companies to take part in the index and all information will be confidential. “The response is only expected to pick up in the coming days,” he told the Observer.

He also said with new rental units being released in Oman, pressure is on the old single building landowners to offer better services to their customers.

The real estate agencies in Muscat were required to provide land and rental values details to KPMG for the fourth quarter ended December 31, 2014 and the quarter 1, March 2015. The information provided was based on area, the type of properties (vacant land and constructed properties).

The residential properties were sub-categorised under 1BHK, 2BHK, 3BHK and villas.

The commercial properties were sub-categorised under commercial villas, shops and offices.

The values derived were based on the average of three months values between January 1 and March 31, 2015.

All incomplete data were excluded from the sample.

All changes in prices were mapped based on the base index to give the percentage increase or decrease in prices for each area. These were averaged to provide an indication on the overall prices increase or decrease.

All data provided to KPMG will be kept confidential at all times. KPMG independently calculated the index.

SOURCE: OMAN DAILY OBSERVER

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