Oman: Real Estate Ownership Changes Approved

Oman: Amphibious Aircraft Approved News developments

Oman: Real Estate Ownership Changes Approved

Times of Oman, 9 March 2022: Oman’s Housing and Urban Planning Minister has approved real estate ownership changes in the country.

Under the changes, expatriates will be able to own properties in the Sultanate outside of Integrated Tourism Complexes.

A Ministerial Decision to this effect has been issued.

Foreign investors will be able to own properties worth over 250,000 Rials.

However, there are two tiers of ownership.

In the first tier, investors who buy properties worth more than 500,000 Rials will be offered first-class residency.

In the second tier, those who buy properties worth between 250,000 and 500,00 Rials will be offered second-class residency.

First-class residency enables investors to buy residential, commercial, and industrial properties, while second-class residency only allows investors to buy residential properties.

If an investor wants to buy a house which costs less than 250,000 Rials, they can do so through the existing Integrated Tourism Complex project or usufruct scheme.

Their ownership rights must comply with Oman Sultani Decree No. 29/2018 and Oman Ministerial Decision No. 292/2020. These pieces of legislation detail areas where expatriates cannot own property and the Implementing Regulations concerning foreign ownership of real estate.

Foreigners cannot own properties in Musandam, Buraimi, Dhahirah and Wusta governorates. Expatriates can also not own properties in the rest of the Dhofar region, with the exception of Wilayat Salalah. In addition, they cannot own properties in Liwa or Shinas wilayats.

In Masirah, Jabal Akhdar, Jabal Shams and any other landforms like mountains and islands which are considered to be of strategic importance, expatriates can also not buy properties.

Locations near high-priority installations like security and military facilities, archaeological and historic structures and areas designated as agricultural land will also not be able to be bought by expatriates.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

marle.vansandwyk@lexisnexis.com