Wednesday, 16 Oct 2019 | 17 Safar 1441
9% growth in GCC owners of real estate in Oman last year

9% development in GCC owners of genuine estate in Oman final year

Muscat – 

The quantity of GCC nationals who personal genuine estate in the sultanate grew by nine per cent in 2017 to 1,210 compared to 1,107 in 2016. As per the report issued by the Ministry of Housing, 80 per cent of the ownership by GCC nationals in 2017 was of residential lands.

In terms of nationalities, the report pointed out that Kuwaiti owners came initial at 526 (43 per cent of the total quantity of GCC owners), followed by UAE nationals at 434 (36 per cent) and Qataris with 96 (eight per cent). Governorate sensible, the report stated that North Batinah governorate was on best with 370 folks owning 700,000sq m location, followed by Governorate of Dhofar with 308 (100,000sq m) and the Governorate of Muscat at 196 (much more than 50,000sq m). The report added that GCC nationals can personal residential, industrial cum residential, industrial cum industrial but not agricultural lands.

They might not take any action towards the bought land throughout the initial 4 years from the date of obtain. The Ministry of Housing, in coordination with relevant authorities, follows correct measures to make certain all information prior to providing initial approval to the title deeds. Any application for owning lands close to border locations, islands, safety web sites, old locations and other prohibited locations are turned down by the ministry.

Information Source: Muscat Daily

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