

Muscat: Citizens and businesses have welcomed the Ministry of Housing and Urban Planning’s streamlining and revision of some real estate service fees. The amendments merged fees of 47 services, cancelled the fees of 11 services, reduced the fees of 8 services and introduced 14 new services to boost value addition and foster transparency.
The move gives citizens a better opportunity to own residential properties, especially young Omani families. At the same time, these reforms enhance the competitiveness of the real estate companies sector by attracting investment.
Abdullah al Farsi, a citizen, says: “Obtaining a home in Oman was a major challenge due to the high fees and complex procedures. The announcement of the reduction in fees will help many young people buy homes.” Many real estate investors believe that these amendments open up opportunities for new projects.
Hassan al Hanai, director of a real estate company, said: “The recent amendments to fees and procedures represent an important step towards opening new horizons for real estate investment in Oman. In the past, financial and administrative obstacles were a major challenge, but with these changes, it has become easier for us to develop new residential and commercial projects that meet the needs of the market.” This will also help real estate investment funds to pump in more investments into the real estate market. Reducing fees on real estate projects will contribute to making these funds more attractive to investors, allowing them the opportunity to expand the scope of their investments and develop new real estate projects that meet the needs of society.
Banks and real estate finance companies will be able to provide real estate loans at competitive prices to citizens and companies.
Through these changes, the government seeks to create a more competitive real estate environment that is in line with global developments, while at the same time providing citizens with better economic opportunities. The government has indicated that it will continue to work on improving the legislative and regulatory framework for the real estate sector, which will contribute to achieving economic sustainability and increasing the attractiveness of Oman as a major destination for real estate investment in the Gulf region.
Oman Observer is now on the WhatsApp channel. Click here