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Expats in Oman can now purchase apartments in multi-storeyed buildings in the Governorate of Muscat.
The Ministry of Housing and Urban Planning issued a resolution to this effect, Times of Oman reported on Sunday. "Non-Omanis whose stay in the Sultanate is not less than two years can buy property," the newspaper said quoting the resolution.
These properties will be in specified sites and should be licensed by the Ministry of Housing and Urban Planning. "Fees incurred by the seller would be 3 per cent of the unit value, and fees for the beneficiary would be 5 per cent of the unit value upon registration," the resolution said.
The lease is for an initial period of 50 years, which may be renewed up to 99 years. The objective is to encourage expatriates to buy property while keeping in mind the demographics of the country. "It also contributes to creating a competitive business environment in this sector, and will inject cash into the real estate market," the resolution said.
reporters@khleejtimes.com
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