Expat can now buy and own any real estate property in Oman

Can Expats Buy Property in Oman?  Yes, expats can now buy and own any property in Oman.Expats can now buy and own any real estate property in Oman following a ministerial decision issued by Dr. Khalfan bin Saeed Al Shuaily, Minister of Housing and Urban Planning. This decision has been announced recently which enables a foreign investors in many ways. The investor can own a real estate property that is worth 250,000 OMR and shall provide the investor with second-class residency. A real estate property worth 500,000 OMR shall provide the investor a first-class residency, if the property worth is less than 250,000 OMR then he can only purchase that real estate property only in Integrated Tourism Complexes (ITCs). 

The main difference here is the class of residency given to the expat or an investor. The first class residency ownership shall include real estate properties like residential properties, commercial properties, and industrial properties. The second-class residency is limited to residential properties only worth 250,000 OMR. So, if an expat wishes to buy a real estate property that has less value than 250,000 OMR can do so only in Integrated Tourism Complexes (ITCs) or under usufruct schemes.

This law is applicable all over Oman with some areas that are restricted to Omanis only which means in such area a non-Omani or expat cannot acquire a property whatsoever. Such area inlcude Musandam, Buraimi, Dhahirah, Wusta Liwa, Shinas Masirah, Jabal Akhdar, Jabal Shams. The area near military facilities, archaeological, historic structures, and designated agricultural land are also restricted from expat property ownership.

Keeping in view the economic diversification plan this decision has been made for real estate to contribute more to the economy of the country, attract big investors, companies, and demand real estate projects as well. Earlier the government has also announced a new system of ownership through usufruct law oman which allowed expats to own properties outside the designated area. This usufruct law oman enabled expats of various nationalities to own an apartment in a building with certain terms and conditions in place.      

Usufruct is a real right to exploit and benefit from the land granted pursuant to a written agreement. The usufruct of real estate may be held for an initial term of 50 years and maybe renewed for additional terms. The beneficiary of usufruct is entitled to use the land as its own for the term.

 All these efforts reflect that the government of Oman is keen to help the real estate sector to grow and invite more Foreign Direct Investment in the Sultanate of Oman.

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