Oman: Expats allowed to buy units in multi-storey buildings

Oman: Expats allowed to buy units in multi-storey buildings

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Dubai: Oman has issued a new decision allowing non-Omanis to buy units in multi-storey buildings, local media reported today.

As per the decision, the percentage of purchase of units sold to expatriates should not exceed 40 per cent of the number of residential real estate units in the multi-story commercial residential buildings, and it should not exceed 20 per cent for a single nationality of the allocated percentage.

Dr. Khalfan al Shueili, Minister of Housing and Urban Planning, issued the ministerial decision 357/2020 regarding the controls of selling residential real estate units under the usufruct system to non-Omanis in multi-storey commercial and residential buildings, which was published in the Official Gazette.

The decision comes as part of the package to stimulate investment in the promising real estate sector to achieve specific growth rates that enhance the performance of related activities and achieve sustainable development.

Only land or real estate that are allocated for multi-story residential or commercial uses in some locations in the Governorate of Muscat in the wilayats of Bausher, Al Amerat, and Al Seeb. In the wilayat of Bausher, the places are Bausher (Area 1-3)- Al Khuwair (Area 2), Ghala Heights (1 and 2), Wattayah (1 and 2), and Misfah (Area 2). In AL Amerat – Hashiya (Area 1), Mahajj (Area 1), Madinat al Nahdah (Area 2-5), Seeb (South Mawelah Area 5). Al Khoud (Area 2), Mabelah South (Area 7).

20200221101654 Oman: Expats allowed to buy units in multi-storey buildings
Original news source Credit: gulfnews.com



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