Real estate poised to grow faster this year

The real estate sector in Oman is expected to grow faster in 2020 compared to the preceding years. The law permitting expatriates to buy properties outside the ITC is also expected to be announced soon.

Speaking to the Observer, Siham al Harthy, Director-general of Real Estate, Ministry of Housing, said, “We hope the sector to reach a level of stability this year and many investors have expressed interest to invest in the sector.”

She added, “A new real estate development law will be ready by the end of this year, which seeks to regulate the whole sector, including broker firms, real estate associations and development projects.”

Real estate development law by the end of this year will regulate the whole sector, brokers and the real estate development projects.

She said the law to allow expatriates to projects outside the ITC is almost ready and will come soon.

Several real estate developers in Oman have told the Observer the opening of the sector to the expatriates is crucial from a long-term perspective.

The annual report of Implementation Support and Follow-up Unit (ISFU) had said that a regulatory decision will allow leasehold of properties for foreign individuals and define the permitted scope.

“The idea of opening the real estate market to expatriates was developed to attract foreign expenditure and revitalise the real estate market, both of which are expected to have a positive impact on the Sultanate’s economy.” It may be noted that the trade value of sale contacts in Oman declined by 9.1 per cent at the end of December 2019 from the previous year.

The number of properties issued declined by 5.5 per cent and the number of properties issue to GCC nationals decreased by 37.3 per cent during the same period, according to the National Centre for Statistics and Information (NCSI).