Oman's Residential Rental Market Thrives Amidst Rising Occupancy Rates | Kanebridge News
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Oman’s Residential Rental Market Thrives Amidst Rising Occupancy Rates

The residential leasing market in Oman is experiencing a robust upswing, with notable increases in occupancy levels across well-maintained properties, as reported by industry experts.

Tue, May 7, 2024 12:49pmGrey Clock < 1 min

Ihsan Kharouf, Head of Savills Oman, explained that despite the drop in expat numbers earlier, the market has been buoyed by last year’s significant population increase, leading many to move from temporary housing to more permanent and appropriate living situations.

His comments were made on the sidelines of the recently concluded Oman Real Estate Expo held at the Oman Convention and Exhibition Centre. Kharouf praised the 2024 expo as the most impressive he’s witnessed in terms of attendance and the scale of participants.

Highlighting the continuous progress in the commercial leasing sector, Kharouf remarked that 2023’s momentum is being carried over into this year, with Savills posting the best commercial leasing figures in a decade. He emphasized the nuanced balance between supply and demand, with property owners using active market intelligence to strategically price properties, ensuring high occupancy rates.

Kharouf also detailed the dynamics within the retail sector, which is segmented into three main areas: prime, secondary, and community or destination retail. Prime retail locations are performing exceptionally well, often having waiting lists, whereas secondary retail spots see tenants holding a stronger bargaining power due to an oversupply. Well-managed community or destination retail spaces are also performing well, attracting significant tenant interest.

The introduction of the Muscat Structure Plan and several new projects across Muscat and other major cities mark the beginning of a dynamic phase for Oman’s real estate market, promising significant transformations in the landscape, concluded Kharouf.



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Tonino Lamborghini Unveils New Luxury Residences in Ras Al Khaimah

Tonino Lamborghini recently revealed a new luxury project comprising 241 units in Ras Al Khaimah, developed in partnership with Arista Developments.

Tue, May 21, 2024 2 min

Named the Tonino Lamborghini Residences, this project promises a fresh take on luxury living with its iconic design, cutting-edge amenities, and stunning sea views.

Set on Al Marjan Island, the development is adding 241 high-end units to the area’s real estate offerings, all reflecting the sleek, Italian elegance associated with the Lamborghini name.

These residences are designed to impress, featuring modern architecture that harmonizes with the scenic surroundings and interiors marked by meticulous craftsmanship and top-quality finishes.

Living in this one of the project’s units means access to a range of upscale amenities: a state-of-the-art fitness center, multiple swimming pools, beautifully landscaped gardens, and dedicated areas for children’s play. The complex also offers a business center with a conference room, an outdoor BBQ area, and a chic café, catering to all aspects of high-end living.

Arch. Abdulla Al Abdouli, Chief Executive Officer, Marjan, expressed excitement about the introduction of Tonino Lamborghini Residences to Al Marjan Island, noting the project’s blend of sustainable construction and smart home technologies. This integration, he mentioned, guarantees a luxurious lifestyle equipped with the finest modern amenities, reflecting the exquisite Italian craftsmanship. He is confident that this new venture with Arista Developments will significantly boost the allure of Al Marjan Island as a top lifestyle destination in Ras Al Khaimah for both investors and residents.

Tonino Lamborghini, President of the Tonino Lamborghini brand, said: “We are delighted to be among the pioneers in this remarkable new destination in one of the seven emirates of the UAE. Our heartfelt gratitude and recognition go to H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, for his visionary leadership and foresight, and for embracing innovative strategies to revitalize a region full of potential.”

Mr. Arthur Chu, Chairman of Arista Developments, highlighted the project’s ambition to capture the essence of the Tonino Lamborghini brand in every aspect of its design. He described the development of a prestigious residential tower on Al Marjan Island that will reflect the lifestyle and beauty synonymous with Lamborghini. From the sharp, well-defined lines of the exterior to the elegantly designed interior common areas, every detail is crafted to showcase the brand’s distinctive elegance and sophistication. Chu emphasized that the interior designs, personally crafted by Tonino Lamborghini, aim to fully immerse residents in the Italian brand’s luxurious identity.

The variety in housing options is vast, ranging from one and two-bedroom apartments to duplexes, sea view villas, signature villas, and exclusive penthouses.

The collaboration between Tonino Lamborghini and Arista Developments blends iconic Italian style with expert real estate craftsmanship. This venture marks Lamborghini’s first introduction to Ras Al Khaimah and represents a commitment to setting new standards in luxury and modern living.

 

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