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

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.