JEDDAH: The worldwide credit crunch has not impacted Oman's economy, especially its real estate sector, a top real estate expert from Oman said yesterday. "Banks in Oman continue to offer mortgage facilities for real estate buyers," Abdullah Khamis Al-Shidi, deputy CEO of The Wave, Muscat, told a press conference at the launch sale of luxury apartments and villas at the Jeddah Hilton's Qasr Al-Sharq yesterday. Oman Consul General Khamis Abdullah Al-Farsi was among those present.
Oman is one of the fastest growing economies in the Gulf thanks to focused government planning, responsible expenditure as well as investment in the non-oil sector. Oman 2020, the visionary economic diversification plan, will gradually reduce the country's dependence on oil. In line with this objective, further investments will be funneled into Oman's rapidly developing tourism and real estate sectors. As a result, the real GDP is expected to grow by 6.8 percent in 2008.
It is against this background that The Wave, Muscat, Oman's premier freehold-integrated tourism development, has opened registrations for the purchase of apartments within the Lasail East and West and Lasail Marina sectors, as well as beach park villas within sector 5.
The Wave is a $2.5 billion, fully master planned community overlooking the Gulf of Oman occupying a total area of 2.5 million square meters along the 6 km natural beach. It is a joint venture comprising the Oman-based Waterfront Investments representing the government of Oman, National Investment Funds Company representing Omani Pensions Fund and the UAE-based Majid Al-Futtaim Grouup, Al-Shidi said in his presentation.
"Purchasers can register a maximum of three properties this time - one villa and two apartments," Al-Shidi said, adding that Oman has been investing in its tourism infrastructure, specifically in its airline, roads and airports. Foreign participation in the tourism industry has also been increasing thanks to government incentives to investors. Oman's rapidly developing real estate, IT and tourism sectors continue to attract foreign investments, he added. As a result, the real GDP is expected to grow by 6.8 percent in 2008. Foreign participation in the tourism industry has also been increasing due to government incentives to investors.
The Wave will offer over 4,000 residential units (apartments, villas and town houses), a signature Greg Norman 18 holes Links Golf Course, a 300 berth marina, three luxury 5-star hotels, in addition to retail outlets and restaurants.
Apartments are situated within the vibrant ambience of the charming Marina Village area in the heart of the community, which promises to be the liveliest and most happening area at The Wave. The homes in this locality enjoy marina and sea views and are surrounded by an abundance of shops and restaurants offering an alfresco dining experience.
Since its first sales launch in February 2006, the development has launched nine phases and has sold over 800 properties so far, he said.
Overseas customers can register by submitting scanned identification documentation and transfer the registration deposit to The Wave, Muscat holding account. Overseas customers, or an authorized representative, must be present to complete the purchase at the time of selection.
