Budget aid to make housing more affordable to citizens

MUSCAT Jan 3 - The government of Oman spares no efforts in ensuring the welfare of its citizens, especially when it comes to basic social services. Along with the other sectors, housing has also been given priority in the budget 2018 with a seven per cent allocation, even though it is marginally less than the previous year. An amount of RO 80 million has been allocated to continue with the implementation of current social housing scheme and housing aid programme for eligible citizens as well as loans provided by Oman Housing Bank. Moreover, the appropriations for housing and development loans amount to RO 30 million in the budget. Despite the continued economic challenges posed by geo-economic factors since mid-2014, the budget 2018 coincides with a gradual economic recovery. “The budget endeavours to achieve fiscal sustainability and sustainable growth as well as stable levels of standard of living,” says the budget statement from the Ministry of Finance. Education, health, housing and social welfare together have got the lion’s share of 38 per cent (RO 3.8 billion) in the budget. “Oman has made remarkable achievements in areas such as health, education, housing, basic services and infrastructure, which uplifted the citizens’ standards of living to higher levels,” adds the statement. While education has been allocated a massive 16.8 per cent of the budget, health and social welfare get 9.6 per cent and 4.6 per cent respectively. The appropriations allocated for subsidies are estimated at RO 725 million, which is 84 per cent higher than the 2017-approved budget by RO 330 million. “This is due to the increases in electricity subsidy to meet the growth in consumption,” the statement said. In order to grant citizens with the right of stability in their places of residence, the Ministry of Housing focuses on land schemes aimed at achieving balance in development in the various governorates and regions of the Sultanate. According to data from the ministry, more than 19,000 multiple use land plots were allotted to citizens in various governorates and wilayats in 2017. At the same time, the total number of title deeds issued during the first nine of months of last year stood at more than 134,000, including the granting, sale, exchange and other real estate transactions. At a recent press conference, Mohammad al Busaidi, the chairman of Oman Real Estate Association, revealed that the government plans to develop 1,000 apartments as part of a pilot project for affordable housing. SAMUEL KUTTY