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Muscat, 6 January 2019: Market-leading real estate consultancy and chartered surveying firm, Cavendish Maxwell, has completed its first year of successful operations in the Sultanate, further solidifying its position as a key partner in the region’s property market. This follows more than a decade of experience throughout the Middle East and Africa, resulting in significant demand from Oman-based clients for the firm’s reputed valuation and advisory services.
Located in Muscat’s prime Shatti al Qurum district, Cavendish Maxwell has enjoyed enviable growth in Oman over the last year, securing significant valuation instructions from a number of high-profile clients. With a dedicated team of RICS (Royal Institute of Chartered Surveyors) certified professionals, the company’s valuation portfolio includes a diverse mix of client types, from hotels and leisure establishments, to mixed-use developments and grade A commercial space across the Sultanate. The team also secured a number of instructions for plant and machinery valuations, feasibility studies, hotel valuations, building consultancy and project management work in Oman, in 2018 alone.
Khalil Alzadjali, Head of Cavendish Maxwell in Oman, celebrated the strong relationships fostered over the past year, and is committed to drive this growth into 2019 and beyond. On this milestone occasion, Alzadjali commented:
“Last year was a period of fantastic growth and valuable learnings for the entire team. We worked with notable government and private clients, served on the advisory panels of leading Omani banks, and our portfolio continues to expand with excellent results. Using our in-depth market knowledge and expertise, and unique data-driven approach – the basis for our critical market analytics – to advise leading banking panels in the country, we help local authorities frame transparent policies and regulations that will benefit all participants of Oman’s real estate industry.”
In a time of market change, Oman offers significant investment opportunities, thanks to its growing non-oil economy, particularly tourism, and well-established property laws and financial regulations. Coupled with increased infrastructure spending and an upwardly mobile local population, Oman’s real estate market has seen steady, stable growth over the past decade, despite the occasional fluctuations and corrections. Cavendish Maxwell’s official report on Oman’s property market, to be released in Q1 2019, indicates certain real estate offerings showing increased demand.
He added: “With the real estate market in Oman recovering positively, we expect to see new opportunities arise for the sector’s stakeholders in the short, medium and long term.”
However, as outlined in the upcoming report, Oman’s real estate market poses a few potential shortcomings, particularly in residential properties. Oversupply of apartments, an overall fall in residential property investment and a lack of quality villas to meet demand are proving to be challenging circumstances.
Emphasising the need to provide more professional services for Oman’s growing property sector, and help mitigate some of its market fluctuations, Alzadjali said:
“As Oman’s property sector matures, highly skilled professionals, like chartered surveyors and valuers, will become integral to driving the sector’s success. We are prepared for this, and our success over the past year is a testament to our professionalism, commitment and delivery of unparalleled services in providing key market insights – as well as the value such services bring to this growing sector. This is what sets us apart from the competition and will ensure our continued success.”
As part of its expanding operations, Cavendish Maxwell appointed Adam Fitzpatrick as Associate Partner for Business Development. Fitzpatrick brings his extensive experience with industry leaders like CBRE and Colliers International to the team, to help drive new business and expand the firm’s presence in Oman.
Commenting on Cavendish Maxwell’s success in 2018 and outlook for 2019, Fitzpatrick said:
“We are industry leaders in Oman thanks to our proprietary data-driven tools and the high level of skilled service we provide, but we are actively investing in advisory services for new focus areas of the market, particularly in infrastructure and logistics, ports, niche retail, well-targeted commercial space, leisure, and specialist residential services. This is the result of specific client demand and the support of specialist regional professionals, with proven track records in these fields. Active strategic bank portfolio advisory and management could also prove to be a key growth area for us as we move into 2019.”
For more detailed insights into the Oman property market, and the latest market reports from Cavendish Maxwell, email email@example.com.
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