Omani real estate has opened its doors further after the government introduced a ruling allowing expats and GCC nationals living there the right to buy land and extend residence sizes.
An unnamed senior official of the Omani Ministry of Housing told the Times of Oman: "Article (1) of the decision says that the expansion and increase in the land area is possible for GCC residents, non-Omanis and citizens.”
“This extension will only be allowed if there is a need to go for an extension and the price of the land shall be set according to the rates laid down by the Ministry of Housing."
The official added that expatriates can own land or constructed units for living or investment purposes in integreated tourism complexes, licensed by government agencies subject to the Tourism Ministry’s approval.
"However, anyone who bought a piece of land in an integrated tourism complex should develop it or maintain it well for four years from the date of registration of the property. The land cannot be disposed of within the first four years, except by mortgage to finance its development," he added.
Oversees Property Professional
29 May
