9% growth in GCC owners of real estate in Oman last year

Muscat - The number of GCC nationals who own real estate in the sultanate grew by nine per cent in 2017 to 1,210 compared to 1,107 in 2016. As per the report issued by the Ministry of Housing, 80 per cent of the ownership by GCC nationals in 2017 was of residential lands. In terms of nationalities, the report pointed out that Kuwaiti owners came first at 526 (43 per cent of the total number of GCC owners), followed by UAE nationals at 434 (36 per cent) and Qataris with 96 (eight per cent).

Governorate wise, the report said that North Batinah governorate was on top with 370 people owning 700,000sq m area, followed by Governorate of Dhofar with 308 (100,000sq m) and the Governorate of Muscat at 196 (more than 50,000sq m).

The report added that GCC nationals can own residential, commercial cum residential, commercial cum industrial but not agricultural lands. They may not take any action towards the purchased land during the first four years from the date of purchase.

The Ministry of Housing, in coordination with relevant authorities, follows accurate measures to ensure all data before giving initial approval to the title deeds. Any application for owning lands near border areas, islands, security sites, old areas and other prohibited areas are turned down by the ministry.