Real estate transaction fees reduced

Muscat: The Minister of Housing and Urban Planning has issued a decision to reduce the fees for registration of property sales and donations from third parties and non-first-degree relatives to three percent of the asset value. The decision stipulated that the fee has been reduced from the current rate of 5 percent of the value of the asset from November 3. The Ministry of Housing and Urban Planning has been adopting a series of measures to revive the real estate market in the Sultanate under the Medium-Term Fiscal Plan, which include Reducing housing fees from 5% to 3% Licensing of rent-to-own / installment sales Allowing the addition of floors in buildings (the vertical meter) provided that an annual fee is paid on them Opening the door to non-Omanis to own residential real estate units in multi-story commercial and residential buildings in specific areas. https://www.omanobserver.om/occi-welcomes-reduction-in-real-estate-transaction-fees/