Property market in Muscat
The government of the Sultanate of Oman has introduced a new law imposing a 15% cap on rent hikes for the next two years. Now, that was just about time!
Over the past one year, rentals were ridiculously going through the roof. In most cases, landlords had raised their property rental as much as 200%, no shit! A friend of mine was renting a house at RO700 (approx. RM7,000 equivalent) a month and early this year it was raised to RO2,000. He moved. A year ago, the house that we are renting now could hardly go for RO350, and now we are paying for RO600 (RM6,000) a month. Yeah, no shit!
The whole rental hikes here were just too absurd. The arabs just went crazy making as much money as possible without thinking what it would do to their economy. I am glad the law to address this trend is finally here, before the whole property market goes out of control and crash.