Buying Properties in Oman



In 2006, a Royal Decree in Oman allowed expatriates and foreign nationals to purchase land and property within designated areas in Oman. This can be for purposes of either accommodation or investment. These areas are called ITCs or Integrated Tourist Complexes. They include Blue City, Barr Al-Jissah, Muscat Hills Golf and Country Club, Salalah, Beach Resort and the Wave. A foreigner may apply for a residence visa after receiving the deed of the property purchased. This visa is valid for two years and may be renewed. This may also be extended to immediate family members.

Zero taxation in Oman is one advantage to owning properties in the country. If one wishes to rent out the property, the rental market is more beneficial to the landlords rather than tenants due to the increasing demand for property leases. The country's growing economy and the improving performance of the tourism sector are main the drivers in attracting more investors to the property market in Oman. The cities are generally peaceful and quiet, yet modern and urbanized.

Home financing may be obtained through the attractive loan mortgages with low interest rates offered by most banks. Real estate agents are very helpful when finding properties in Oman. It is important to employ the services of the licensed and experienced ones. Usually, it is the buyer who shoulders the agent's fees.