MUSCAT, Dec 24 - Kuwaitis took the lion’s share of the total number of real estate title deeds issued to GCC citizens in the Sultanate in November this year. According to a report from Oman’s Ministry of Housing, Kuwait citizens were topped the list with an ownership of 54 properties. They were followed by United Arab Emirates with 45, Qatar 12, and Bahrain and Saudi Arabia two each. “The title deeds were issued in accordance with controls of ownership of real estate in Oman,” Abdullah bin Salim al Mukhaini, Secretary of the Real Estate Registry in the ministry, said in the report.
The Sultanate’s law allows GCC citizens to own land in Oman, but with some conditions.
As per law, GCC nationals can own residential, commercial and industrial properties, but not agricultural lands.
The ministry does not accept applications for owning lands near border areas, islands, sensitive security-related sites, besides prohibited areas.
In a recent Royal Decree, non-Omanis were prohibited from owning real estate properties in Musandam, Al Buraimi, Al Dhahirah, Al Wusta, Dhofar (except Salalah), Liwa, Shinas, Masirah, Jabal Al Akhdhar and Jabal Shams.
Also included are mountains and islands of importance that are situated near strategic palaces, security and military apparatus and ancient archaeological lanes determined by competent authorities.
The report said real estate transactions in November fetched RO 160 million. The Governorate of North Al Batinah accounted for the highest level of activity.
Fees collected exceeded RO 5.286 million. The total number of trading activities, including sale, donation, inheritance, swap, mortgage, mortgage redemption, utilisation, division and deed stamping, reached 29,883.
Meanwhile, fees collected from mortgage amounted to more than RO 554,000. Muscat recorded the highest number of mortgage transactions at 309.
“The sales transactions in North Al Batinah Governorate recorded the highest percentage compared with the rest of the governorates,” Al Mukhaini said.
The total number of transactions in North Al Batinah was 929, followed by South Al Batinah (775), Muscat (717), Al Dakhiliyah (469), South Al Sharqiyah (355), North Al Sharqiyah (341), Dhofar (252), Al Dhahirah (236), Al Buraimi (118), Al Wusta (88) and Musandam (18).
According to Al Mukhaini, the total value of mortgage contracts amounted to more than RO 85.989 million through 1,026 transactions.
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