The real estate market in the Sultanate of Oman is showing signs of recovery, according to a real estate official, reported the Times of Oman on Saturday.

Alargan Towell CEO Hisham Moussa believes “the market is recovering slowly,” adding, “there has been an increase in real estate activities in the region, including Oman.”

Recent figures by the National Centre for Statistics and Information show significant growth in property sales in Oman, increasing 124% year-on-year in 2016. Mortgage contracts meanwhile increased by 186%. Moussa attributed this growth to less risks and greater available long-term profits, noting that Oman’s real estate sector is “considered as one of the promising sectors for medium-to-long term investment,” he says.