Oman considers easing property buying rules for expats


Oman is considering plans to allow foreigners to buy property outside of integrated tourism complexes, according to reports.

Times of Oman quoted Mohammed Al Ghassani, deputy chairman of advisory body Majlis Al Shura as calling for changes in the law to boost the country’s housing market and its economy, which has been hit hard by the drop in oil prices.

“We must allow expatriates in Oman to own property outside ITCs under certain conditions,” he was quoted as saying.

“There is a lot of money flowing out of Oman. Why don’t we try and keep this money inside the country. If we give expats an option to buy houses, it is their investment and they would not want to leave.”

Currently foreigners in the country are only allowed to acquire property in defined tourism communities where prices are typically high compared to the wider market.

This stands in contrast to other markets like Dubai, where foreign buyers account for the majority of real estate transactions.

Al Ghassani said there were at least 60,000 to 70,000 expats in the country with up to OMR50,000 ($130,000) to spend on property.

Siham Al Harthy, director general of real estate development at the country’s Ministry of Housing, was quoted as saying the ministry was in the initial stages of discussing changes to ownership restrictions but said law changes would be needed.

“There are a few issues with it such as residency to expats, which may take time,” he said.

We have 297 guests and no members online

Gulf3maal البحرين: صرف أجور العمال المتأخرة خلال أيام
Gulf3maal رئيس الوزراء يتلقى برقية شكر من رئيس الاتحاد الحر لنقابات عمال البحرين...
Gulf3maal البحرين: تلاشي ظاهرة «المشاريع المتعثرة»
Gulf3maal WFTU Declaration on the World Day Against Child Labour, 12th june...
Gulf3maal Colombian garbage man builds library from discarded books...
Gulf3maal نمو في حجم التجارة الماليزية بنسبة 5% في 2017
Gulf3maal الامارات: تدريب موظفي مستشفى المفرق على لغة الإشارة...
Gulf3maal البحرين: هند بنت سلمان تفوز بعضوية مجلس إدارة منظمة العمل الدولية...
Gulf3maal البحرين: الشيخة مي تستعرض التحضيرات ليوم المرأة مع «الأعلى للمرأة» و«المهندسين»...
Gulf3maal البحرين: ولي العهد: مواصلة تعزيز قوة الاقتصاد عبر تطوير الإجراءات والتشريعات...

Email us at:

This email address is being protected from spambots. You need JavaScript enabled to view it.