PRDnationwide celebrates four years of successful operations in the Sultanate

PRDnationwide, Australia’s premier project marketing real estate company, is celebrating four years of successful operations in Oman.

Strategically based in Muscat, PRDnationwide has residential project marketing and research skills and extensive commercial property marketing expertise. PRDnationwide MENA is the only specialized and fully-integrated project marketing company in the Sultanate.

‘The real estate market in Oman is rapidly changing and is expected to gain more impetus in the years to come,’ expressed James Fox, Managing Director of PRDnationwide MENA. ‘By utilizing a fully-integrated project marketing services philosophy, we are able to provide a holistic understanding to the real estate and integrated tourism development industry with a one stop shop approach, thereby adding value throughout the development process combined with unparallel quality of service by our qualified and experienced workforce.’

James highlighted that the Omani real estate market is underpinned by strong macroeconomic conditions, high liquidity, favorable demographics, and a proactive Government which encourages private and foreign participation in the sector.

‘There has been significant growth in all real estate sectors including residential, commercial, industrial and tourism,’ he said. ‘The residential segment has witnessed major price appreciation, especially prices of lands adjacent to mega projects. We believe that the trend of escalating prices is likely to continue led by GCC investors’ land purchases.’

James added that the foreign ownership law will continue to be a significant driver of the demand for real estate in the future, which expands foreign ownership rights formerly restricted to GCC nationals, to include non-GCC nationals as well. With the Government’s ambitious diversification plan in the industrial and tourism segment, James is confident that the industry will continue to flourish.

PRD’s first project in Oman was the planning, marketing and sales of the Barr Al Jissah Residences adjoining the Shangri-La’s Barr Al Jissah Resort and Spa for the Zubair Corporation. The project has received international acclaim for the first phase of Residences and now marina waterfront apartments are planned for release in mid 2008, with retail and restaurants on ground level.

‘This is an exciting time for PRDnationwide MENA,’ said James. ‘There is tremendous potential in the Sultanate’s burgeoning real estate market and we are inspired by the opportunities that lie ahead.’

With an ambitious development plan, PRDnationwide will be launching offices in other GCC states beginning with a planned opening in Dubai in 2008.