Properties in Oman

REAL ESTATE
Oman’s construction and real estate sector is a primary economic driver and has grown robustly over the past decade.
Population growth, changing occupier trends, the opening up of the real estate sector to foreigners, straightforward finance arrangements and increased infrastructure spending by the government have all contributed to strong real estate demand across the country.


RESIDENTIAL REAL ESTATE
Before 2002, Oman’s residential market largely comprised of leasehold properties, with ownership rights limited to Omani nationals.
The opening of ownership to GCC nationals in 2002 and then to all nationalities in 2006 in integrated tourism complexes (ITC projects) has changed the residential landscape of the country.
Demand for housing is likely to increase as Oman’s population is predominantly young.

INTEGRATED TOURISM COMPLEXES (ITCs)
ITC projects enjoy certain benefits:

100% freehold property ownership – with foreign and corporate ownership allowed

Joint ownership by two first degree relatives allowed

Inheritance laws of the buyer’s domicile apply

Oman residential visa for property buyers and their first degree relatives

Multiple-entry visit visa for the property buyer during construction

No registration fees for the first transfer of ownership

BUYING PROPERTY IN OMAN
The Ministry of Housing supervises all real estate matters in Oman. The Land Registration Department within the ministry maintains real estate records such as transfers of ownership, registrations of usufruct rights and mortgages. Transfers of ownership and registrations of interest in land are subject to administrative fees.
Omanis can own freehold real estate unconditionally within Oman.
Other nationalities - whether natural or juristic - can buy and own real estate in integrated tourism complexes (ITCs), according to Royal Decree 12/2006.

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