Oman: Real estate deals top RO2.5 bn in 17 months, says ministry report |
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MUSCAT -- Real estate contracts concluded between January 2006 and May 2007 coinciding with a period of unprecedented growth in the property sector topped RO2.5 billion in value, according to a report by the Ministry of Housing, Electricity and Water (MHEW)Ministry of Housing, Electricity and Water (MHEW)
. During this period, real estate deals covering a total of 173,178 new plots were registered by the Ministry. The total number of real estate transactions recorded during this 17-month period totalled 400,952, while 288,632 deeds were issued, according to the Ministry. The huge volume of transactions attests to the extraordinary growth of the property sector in the Sultanate, according to officials. This growth stems from two key developments: firstly, the conclusion of an accord by each member state of the Gulf Co-operation Council (GCC) to treat investments by GCC nationals on a par with those by its own citizens. The recently endorsed accord also grants nationals of other GCC states the right to own real estate for investment, residential use and other purposes, subject to the laws of the host state.
Secondly, freehold property ownership by non-Omanis in select areas of the Sultanate designated as integrated tourism complexes, has now been made possible by Royal Decree No 12/2006 promulgated last year. The statute is key to the Omani government's efforts to attract foreign investment in the tourism sector. Oman is recognised as the first country in the Gulf region to have formally enacted legislation authorising freehold property ownership by non-GCC nationals.
Besides The Wave MuscatThe Wave Muscat and The Muscat Golf and Country Club project, both of which have already begun offering residential units to foreigners, property ownership will also be allowed in the following tourism schemes: The Blue City; waterfront resorts at Yiti (in Muscat Governorate) and Shinas (on the Batinah coast); and lavish developments planned at Sifah (Muscat Governorate) and in Salalah. The list is likely to grow as new schemes are classified as integrated tourism zones, and become eligible to offer residential property to foreigners, say officials.
In all, 4,033 GCC nationals were registered as owning property for investment or housing purposes in the Sultanate during the January 2006-May 2007 period, according to the latest MHEWMHEW report. Underlining the growing importance of this sector, the Ministry has adopted a modernised Real Estate Registration System to ensure efficient registration and documentation of all land transactions. The new system is also aimed at ensuring that any property in question is used only for the stipulated purpose.
Further, the Ministry is also introducing new imaging technology to maintain a suitable record of all land documents maintained by it. The new system will ensure the safety and integrity of land records, facilitate easy access to such documents through Intranet and Internet channels, and also ensure confidentiality of such records.
By Conrad Prabhu
© Oman Daily Observer 2007
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