Decision will allow foreigners to keep their investments in Oman -
Vinod Nair -
Muscat, Jan 30 -
A decision on opening up of the real estate market to the expatriates is expected soon, according to a top official at the Ministry of Housing. Currently, expatriates are allowed to buy properties only in highly-priced Integrated Tourism Complexes (ITCs).
“This proposal has been studied by the government and some developments can be expected shortly on that front,” Siham al Harthy, Directorate-General of Real Estate Development at Ministry of Housing, told the Observer on Monday. She, however, did not elaborate on a specific time frame.
“We are working on the issue and hopefully soon you will hear some good news. The market will be opened up for investors.”
Siham said the real estate market in the region has been affected by the falling oil prices over the past two years. “We are offering fresh opportunities in the sector and studying proposals to liberalise rules. We are talking to investors to find out what they want from our side.”
According to Mohammed bin Salim al Busaidy, Chairman, Oman Real Estate Association, that proposal has been under discussion and it has been accepted positively by the government. There are some regulations that need to be changed.
“It will be help foreigners to keep their investment in Oman and also help boost the real estate prices,” he said.
As per a ministerial decision of 2012, expatriates in Oman are allowed to buy properties only in ITCs. Any decision to allow ownership of properties for non-Omanis outside ITCs will have a major impact as expatriates officially constitute over 45 per cent of the total population.
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