MUSCAT, Oct 14 - Real estate transactions can now be done only through brokers licensed by the Ministry of Housing. “An online system to do the registration has taken effect from October 2,” said Siham al Harthi, Director-General of Real Estate Development. The new arrangement is aimed at streamlining real estate activities in the Sultanate, apart from discouraging illegal brokerage firms, she said. The transactions presently include those in the integrated tourism complexes, commercial and industrial establishments. “Registrations for residential deals, which are not included now, will start soon,” Siham said, while briefing mediapersons on Sunday about the new arrangements by the ministry.
The new system, which at present covers only the Muscat Governorate, is expected to protect the real estate sector against illegal speculations that may lead to manipulation of prices.
While warning that no individual or firms can practise as brokers for real estate activities without the licence, the director-general said there are 160 registered firms in the sector with their details available on the website.
The ministry has been releasing the names of licensed firms following a warning by the Public Prosecution to brokers practising for a fee without approvals from the competent authority. “No broker can have access to the ministry for registration of the transaction without the licence. Hence, there is no question of any illegal brokerage activity in the sector,” she affirmed.
Still, she said, if anyone is found engaging in any kind of foul play, it will be treated as a violation of Article 19 of the law that regulates brokering of real estate activities. According to the law, it is a crime punishable by up to six months in prison and a fine of RO 3,000.
Real estate brokers currently registered with the ministry can pay fees and get the licence as well as the real estate brokerage card for individuals through the ministry’s website. From the first quarter of 2017, the ministry has been issuing real estate brokerages through the website. “The new system will also help clients complete their initial real estate transactions after non-working hours,” Siham said.
SAMUEL KUTTY
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