By Fahad Al Ghadani — MUSCAT: April 12 - Muscat-based real estate companies have until May-end to get themselves registered, failing which their transactions will not be validated by the Ministry of Housing. The ministry on Wednesday called on real estate companies to apply for licenses well before May 31 to be registered. Businesses engaged in real estate brokerage services are also required to validate their legal status with the Ministry ahead of the June 1, failing which their transactions will not be endorsed, it said.
Permits may be sought online via the ministry’s official website: www.housing.gov.om. Last year, the Housing Ministry made it mandatory for real estate brokerage firms to secure permits against a registration fee in order to provide realtor services in the Sultanate. Two sets of fees were prescribed — one for companies based in Muscat, and the other for those operating outside of the capital governorate. In a decision issued by Shaikh Saif bin Mohammed al Shabibi, Minister of Housing, brokers are liable to pay fees for new and renewed permits to serve as real estate brokers. The fee is set at RO 500 for those operating within Muscat Governorate, and RO 300 outside of the capital governorate. Fees for permit renewals are RO 200 per year in Muscat and RO 100 per year in other governorates.
Replacements in lieu of lost permits will cost RO 100 in Muscat and RO 50 outside the capital.
The new regulations are designed to keep a check on freelance brokers and improve accountability and transparency in the real estate business. It also aims to boost professionalism in the industry, and eliminate the potential for speculative dealing, price manipulation, and dubious practices. Initially, the new regulations will be rolled out in Muscat Governorate, according to the Ministry. The system will allow real estate brokers and developers to provide professional real estate services once licenced by the Directorate-General of Real Estate Development.
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