The sales of residential properties in Oman's Integrated Tourist Complexes are increasing after having declined the last two years. (ITCs, as they are called, are developments with tourist-related and residential components.) Prices had gone down after reaching peak numbers in 2008, but sales are now showing signs of recovery as more buyers are looking for long-term investments.
Many property sellers who have not found buyers are also now looking to rent their homes until the market stabilizes further.
Outside the ITCs, rents have been going down in recent months because of the rising number of available housing units. High rents and a housing shortage had resulted in a flurry of development activity in the last couple of years, and now experts are predicting that rents will continue to drop as the impact of the oversupply becomes more apparent.