Spike in interest for Oman holiday homes

Oman has seen a spike in interest from holidaymakers looking for accommodation to let in the Sultanate, according to the results of a study carried out by a UK-based letting agency. Holiday Lettings, a unit of TripAdvisor, lists around 60,000 self-catering properties in 120 countries and Oman has proved to one of the newest attractions among users of the site. According to the first ever Holiday Lettings Index, Oman holiday lets attracted an average of 19 enquiries per property, far outstripping accommodation supply. “With a current occupancy level of 15-20 weeks a year, Oman has a potential for growth to match its popular neighbour Dubai, which regularly achieves 32-40 weeks. The euro zone crisis is prompting property investors to look beyond Europe and this might just be one of the best places to invest right now,” said Kate Stinchcombe-Gillies of holidaylettings.co.uk. Other locations which have proved popular on the list include, Amsterdam, which saw a 61 percent increase in average rental prices. Istanbul and Brazil’s Rio de Janeiro have also attracted high demand, while the downturn in the Spanish economy has seen a lot of opportunities for investors in Spain. “The fluctuating economic situation is certainly challenging property investors to rethink their game and consider new and emerging destinations like Oman and Istanbul”, Stinchcombe-Gillies added. The news echoes a Euromonitor International report released in March which claimed Oman’s tourism industry is likely to see continued growth in the year ahead, attracting a wave of hoteliers and investors eyeing low risk, emerging markets. Tourism related projects, which remain on track in the Gulf state, will help it edge closer to its target of 12m visitors by 2020, with key developments including the construction of new airports in Sohar and Duqm and a number of new hotel resorts according to the research. “With a proven track record in reforms and developments, Oman is likely to see continued positive growth in tourism arrivals,” wrote Euromonitor’s travel and tourism analyst Nadejda Popova in the report. “More hotels are likely to target Oman, as global chains revise their strategies to stay away from high risk markets and make the most out of emerging destinations such as Oman. Given the country's on-going safety and stability, investors will continue to demonstrate an interest in this market.” While some 1,400 new rooms were made available to visitors in 2011, several outlets are being planned for completion within the next 5-10 years, including a large pool of luxury 4 and 5-star hotels being developed by companies such as Orascom Development Holding. Other projects such as the Wave, Muscat Hills and Muriya would help boost the number of visitor attractions and facilities, the report said, whilst the government’s strategy of targeting GCC and BRIC markets would continue to be important  in order to attract high spenders from emerging and growing economies. However, Popova warned that the growth in the sector could be slowed by the regional unrest, which is affecting all of the region as visitors from Europe remain vary of Middle Eastern markets. By Arabian Business