Back To Normal
The property market in Oman has found the balance it needed after being rocked by the global financial crisis, says Christopher J Steel, Managing Partner, Savills Oman. A report by Visvas Paul D Karra

Oman’s property market has turned around quicker than expected. And as it becomes clear, that Oman’s general economic stability will attract more businesses, the likelihood of continued expatriate arrivals is very sure – with several larger multinational companies in the UAE now actively looking at Oman as their alternative regional base. Consequently, the property market in Oman is looking at an upward curve with demand for housing – residential and commercial – being strong. It is in such a positive climate, that Savills Oman is consolidating its position as the leading player in the Sultanate’s real estate market and opened its office in mid 2009.

International service
Christopher J Steel, managing partner, Savills Oman, is confident that the company in Oman will replicate the success seen in other countries. He says: “By bringing some of Oman’s most experienced real estate professionals under the umbrella of the Savills global network, we strive to provide international quality service levels with a personalised and local flavour.”

Says Steel, “Savills, in my mind, is the most appropriate real estate agent for Oman because it has an international department that does nothing other than coordinate all international enquiries and referrals and things like that. If a person comes to Savills Oman and says he wants to buy a house in New York or elsewhere, the international department will help him.” Savills in Oman provides a range of agency and advisory services including property sales and leasing, valuations, research and development consultancy and operates under the strict codes of conduct of the Royal Institution of Chartered Surveyors (RICS).

Dealing properly
Steel, was with Hamptons for over 11 years in Oman, before he joined Savills, which is globally ranked as the number four real estate company in the world. “There is a need for a good old-fashioned company like Savills to operate in Oman. Moreover, the company is publicly listed and has 18,000 people working in 244 offices all over the world. But the most attractive thing of Savills is the company ethos, “We deal with property – properly”.

Talking about the challenges amidst the market dynamics in the context of the global downturn caused chiefly by the US sub-prime crisis, Steel observes that property market went through a period of boom from 2007-08 and it was entirely speculation-driven. A combination of greed factors by the buyers and over-ambition and overpricing by sellers brought down the market.

However, Steel points out that property prices are inching upwards but you cannot generalise it everywhere as prices will vary from place to place. Ultimately, the recovery is led by end-users, he avers. As far as business is concerned, he says it is the best time to begin. The market is down but it is back to where it was before the speculative period of 2007 and 2008. It is back to normal. During that period, you could sell 200 units in just under half an hour. Now, you don’t wait for people to buy but you have to go and sell. You don’t wait for the phone to ring. But you have to call, says Steel while underscoring the need for companies to change their working strategy to get people into the buying mode once again.
 

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