New real estate regulations take effect at Duqm SEZ
Al Balushi noted that residency rights may be granted in line with Royal Omani Police procedures to foreigners, and their relatives of the first degree, who reside in properties located in one of the real estate development projects in the SEZ, subject to the provisions of the regulation and without prejudice to the provisions of Oman’s Foreigners’ Residency Law. It is also possible to grant residency to two natural persons who are not related to the usufructuary but legally represent the legal usufructuary. This procedure also applies to the legal representative of the principal developer and his or her first-degree relatives.
Giving details about the usufructuary’s rights enshrined in the Real Estate Development Regulation, he said the statute grants usufructuaries the right to use the real estate unit in its entirety and the parts intended for the common use of the building and to dispose of this right and exploit it without prejudice to the ownership of the assets. The principal developer may transfer or dispose of the usufruct right after obtaining SEZAD’s written approval without prejudice to usufruct of the real estate units.
The Regulation allows the usufructuary of real estate units to form and manage associations that include a group of neighbouring properties. The association shall maintain the safety of the property, its common parts and its annexes, and ensure its maintenance, the provision of the required services for the property, and the optimum use for the purpose for which it was established. For this purpose, the associations have the right to contract with companies specialised in the maintenance of buildings and are registered with SEZAD as determined by the Board in terms of the conditions, controls and procedures set in this regard.
In concluding, Al Balushi called upon investors wishing to establish real estate development projects in Duqm to obtain a licence from SEZAD in accordance with the provisions of SEZAD investment. He also affirmed the Authority’s commitment to eliminating all hurdles in facilitating investment in the Zone.