Muscat: Oman Real Estate Association (ORA) discussed the latest developments in the real estate market at a meeting in the Cultural Club in Al Qurum last week.
Younis bin Khasib al Harrasi, ORA Chairman, said: “The Ministry of Housing and Urban Planning is preparing to issue regulations for practicing the real estate valuation profession in the Sultanate of Oman, and this session aims to collect the views of the association’s members and those interested in the real estate sector about the new regulations, which will regulate real estate appraisers and adopt professional standards”.
Al Harrasi confirmed that the draft regulations for practicing the real estate appraisal profession contain 42 articles that include the mechanism for obtaining licences, conditions and controls for practicing the profession, in addition to aspects of oversight and control of the quality of professional performance, fees, violations and administrative penalties.
He pointed out that the regulation will contribute to addressing the gaps faced by practitioners of the real estate valuation profession, and will limit the practice of this activity to offices and companies licenced by the Ministry of Housing and Urban Planning. It will also include setting the necessary conditions and controls, and creating a clear database of companies licenced in various governorates, in addition to monitoring quality of professional performance. The practice of the real estate appraisal profession will be limited to individuals who hold academic qualifications and specialised training in the field of real estate appraisal.
Al Harrasi touched on the latest developments in the real estate market in the Sultanate of Oman, pointing to the unprecedented activity, size and quality of the announced projects, such as Sultan Haitham City, the Al Khuwair Downtown Project, and the Al Jabal Al Akhdhar Project. He also discussed the issues of supply and demand and the potential impacts on the market, stressing the importance of forming alliances and mergers.
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