Muscat: The Ministry of Housing and Urban Planning has denied reports about the plans to allow the construction of ‘skyscrapers’.
The ministry said that it is currently working within the objectives of the Medium-Term Fiscal Balance Plan to revitalize the real estate market. The plans include allowing the addition of upper floors in commercial residential buildings, or what is known as the vertical meter in line with the technical standards for urban planning and to meet future needs.
Upon approval of the project, the ministry will announce more details about the mechanism for implementing the decision.
The ministry confirmed that it is the official source for news and information related to the housing and urban planning sector.
The Ministry of Housing and Urban Planning is also planning to reducing housing fees from 5 percent to 3 percent, 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, and opening the door to non-Omanis to own residential real estate units in multi-story commercial residential buildings in specific areas.