Sul­tanate third most af­ford­able place to buy a home in the world

Muscat Daily - - NATION - Shad­dad al Musalmy

Oman has emerged as the third most af­ford­able place to buy a home in the world, ac­cord­ing to new data re­leased by As­sured Re­moval­ists, a Syd­ney-based mov­ing com­pany.

The re­sults are based on com­bined data based on av­er­age an­nual salary, in­come tax and house prices to pro­duce a ra­tio that re­veals how af­ford­able houses all around the world are.

In an emailed re­ply to Mus­cat Daily, Sam Cor­neloup, di­rec­tor of As­sured Re­moval­ists said, “Not only is Oman con­sid­ered to be one of the most friendli­est places to live in the Gulf, new data re­vealed that it is also one of the most af­ford­able places to buy a home.”

Ac­cord­ing to the study, the higher the ra­tio is, the less af­ford- able the houses are so, with a ra­tio of 3.41, Oman is the third most af­ford­able place to buy a house in the world. This means that Oman has ranked as more af­ford­able than both the UK (13.13) and Australia (15.49).

Oman was only nar­rowly beaten in af­ford­abil­ity by Suri­name (1.87) and Saudi Ara­bia (3.03).

The open­ing of Oman’s real es­tate mar­ket to for­eign­ers as part of the ‘Vi­sion 2020’ plan, which aimed to di­ver­sify Oman’s eco­nomic base and re­duce its de­pen­dence on oil rev­enues has seen many na­tion­al­i­ties given the right to own real es­tate, but only in In­te­grated Tourism Com­plex (ITC) de­vel­op­ments.

Un­der cur­rent laws, ex­pa­tri­ate own­ers au­to­mat­i­cally get res­i­dency rights for them­selves and their im­me­di­ate fam­i­lies when they buy prop­erty in des­ig­nated ITC de­vel­op­ments.

Ear­lier this year, Mus­cat along with Al Kho­bar and Jeddah in Saudi Ara­bia emerged the most af­ford­able cities to live in the GCC and the wider Mid­dle East re­gion.

They are ranked 103 on the World­wide Cost of Liv­ing 2017 in­dex com­piled by the Econ­o­mist In­tel­li­gence Unit.

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