Muscat: Oman Chamber of Commerce and Industry (OCCI) has welcomed the measures by the Ministry of Housing and Urban Planning to reduce real estate transaction fees to 3 percent from 5 percent.
Eng Redha bin Juma al Saleh, OCCI Chairman, said that this reduction will have a positive role in the recovery of the real estate sector in light of the stagnation in the economic market in all areas.
He pointed out that the real estate sector is a basic tributary of the national economy by providing improvement of the infrastructure in the housing sector, public utilities, and related activities and works that are active in the rest of the sectors.
He said that this reduction will enhance and increase the real estate sector's contribution to the GDP.
"The government's implementation of fiscal balance plans comes in light of the economic variables that need to be dealt with in a manner commensurate with the situation, leading to an attractive and stimulating economic environment for local and foreign investment."
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