Oman Oman Real Estate
The Market - Leading Real Estate Consultancy and Surveying Company has published its Oman Market Report 2018. According to a new report by the Oman Real Estate Association (OREA), the average price of a one-bedroom apartment in the capital Muscat, formerly known as Wave, is $1.5 million. The market's leading global real estate advisory and charter company, ORA, today released the latest edition of its annual market report for Oman, revealing local real estate market trends that are likely to continue through 2019.
Although Oman may be one of the less prosperous Gulf states, it is politically stable and relatively moderate. In 2010, the United Nations Development Program ranked Oman as the second most prosperous country in the Middle East and North Africa over the previous 40 years, and the 2020 Economic Freedom Index ranked 6th in terms of economic freedom, ahead of countries such as Saudi Arabia, Qatar, and Bahrain.
As Oman continues its "omniscience," the number of emigrants leaving the sultanate has led to falling real estate prices and rents. Property consultancy Savills says it expects increasingly challenging economic conditions over the next few years. As the Omani population continues to grow, it has recognized the opportunity to sell well - designed and completed villas - as an opportunity that presents itself.
Anyone wishing to move permanently to the country should consider investing in the housing market. One way for investors to get a foothold in the property market is through the Real Estate Investment Funds (REIFs) that were introduced to the Sultanate in 2018. These allow Omani residents, expats and Omani nationals to acquire shares in property development projects listed on the Muscat Securities Market.
USUFruits of real estate can be held for an initial term of up to 50 years and extended for additional terms. A lease is a contract that grants rights to those who occupy the land on which the building is built. The lease does not provide for any real rights to the property, but tenants are entitled to fulfil the lease on the property.
Any transaction related to the transfer of ownership of a property must be entered in the Land Registry, for which a fine or equivalent registration fee is levied on the person who deliberately ignores the registration of the property. Each separate property unit should have its own page in the Land Registry, which should include the name, address, date of birth and MD number of the owner and the address of the property.
In 2006, foreign nationals from other countries were last allowed to buy property in the country, and Gulf Cooperation Council nationals were the first foreigners to be granted the right to own property. Since then, that number has expanded to include citizens of all GCC countries, but foreigners can only buy property in selected areas, including Al Muscat (formerly known as Wave) and the designated Integrated Tourism Complexes. Although foreigners have only been granted permission to buy property within certain settlements, certain parts of the city have concentrated expat areas.
In Batinah, the Housing Ministry has registered land ownership as a reserve, but will not register it for foreigners from other Gulf Cooperation Council (GCC) countries.
Owners can rent the property out to expats if they wish, but there are no restrictions on its use, although the project is currently only available to Omani nationals who meet the criteria.
It is also possible to buy real estate in the hope of renting it out to someone else, but you can have it yourself. In our experience, securing adequate real estate rights has paid off and helped real estate companies to move forward and prosper in Oman.
The Oman Real Estate Expo, which will take place in Muscat in 2021 and is aimed at investors and developers, will demonstrate the potential of real estate investment in Oman. In addition to the ongoing interest in the development of ITC, there is a strong focus on the development of the country's infrastructure, infrastructure and infrastructure development. The latest data show that economic growth and development will be more resilient in the coming years.
Ihsan Kharouf, chief executive of Savills Oman, said: "Expatriates play an important role in influencing demand for property. The expatriates have played an important role in the growth of Oman's economy in recent years, he said. IhsaKharouf, head of Savills in Oman, said expats had played an important role in influencing property claims.
The Times of Oman newspaper recently reported that the sultanate plans to invest $10.39 billion in the development of five new ITCs, including 5,000 homes that can be bought by foreigners. The development of the new IITC projects is one element of Tanfeedh's initiative. There are over 500,000 jobs in tourism and hospitality, which shows the important role the industry is to play in the future in employing local and foreign residents.