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How to Buy Property in Oman
Oman is a country that is rich in beautiful sceneries , deserts , rich cultural history and friendly locals that are really hospitable towards the expats and treat them with love and support them. Many of the expats are attracted towards the Oman because of numerous job opportunities and many business investment chances.
Investing in buying property in Oman
Those who are interested in investing their money in buying property that he can utilize in future then Oman is the best option for property investment because Oman is offering good investment options to the expats. Sometimes the process of buying property in Oman may be complex due to some rules and regulation specially for those who are unaware of these rules and regulations. If you are also an expat that is wishing to buy a property in Oman and want to know about the full step by step guidance then we are here to fully guide you in this regard.
Buying a property in Oman as a foreigner
Buying property in Oman as an expat is possible you can own a real estate if you are fully well prepared to bear the expense. There are special real estates in Oman for expats that can be own by them. Such as Integrated Tourism Complexes (ITCs) and some commercial buildings that are approved by the Ministry of Housing.
Integrated Tourism Complexes in Oman
It can be abbreviated as ITCs that are specially designed zones where the expats are able own a property on a free hold basis which means that the owner has full ownership rights.
ITCs projects in Oman:
Here we will describe some existing projects as well as some upcoming projects of ITCs in Oman that are:
- * Al Mouj Muscat
- * Shangri-La’s Barr Al Jissah Resort and Spa
- * Muscat Hills
- * Saraya Bandar Jissah
- * Salalah Beach Resort
Construction period of ITCs zones:
In the ITCs zones the expats are allowed to buy properties with 100% Ownership but there are some conditions of owning property in ITCs zone. Once you have own a plot them you are given a time period of four years in which you have to construct the land you have bought. This time period that extended but for this you have to consult with the ministry of urbanization. But when the investor is unable to construct the land within four years then the ministry take actions and can sale this property to another investors.
Restricted zones:
There are also some properties in Oman that can not be owned by the foreigner this area is called restricted areas or restricted zone such as:
- Musandam
- Buraimi
- Dhahirah
- Wusta Liwa
- Shinas Masirah
- Jabal Akhdar
- Jabal Shams
- and areas near military facilities
- archaeological
- historic structures
- designated agricultural land.
New usufruct rights:
First of all you should know that what is usufruct rights then we will define this term for you that usufruct rights are similar to leasehold rights this right allows the expats
to own a property and use this property to earn money for limited time period. The new rule for usufruct rights was introduced in 2020 that allows the foreigners to buy the property in Oman and use it for their benefit for a limited time period.
The foreigner who is 23 years old or who is residing from at least 2 years in Oman is allowed to enjoy the usufruct rights that is they can use the land individually or jointly with their family members for four years before selling or leasing it.
Requirements of buying a property in Oman:
There are also some requirements of buying a property in Oman that should be completed before buying the property otherwise you will not be able to buy the property in Oman:
- * If you want to enjoy usufruct rights then keep in mind that under this property an expat can only buy one unit.
- * The property to be purchased should be in a multi storey building minimum of 4 floor in a specified location that should be licenced by the Ministry of Housing and Urban Planning (MHUP).
- * According to usufruct scheme in a building only 40% units should be bought by the expats usually 20% of one nationality.
- * The cost of these apartments are different for expats and locals that is OMR 45,000 for Muscat Governorate and OMR 35,000 for other Governorates.
- * It is an amazing point that the usufruct rights can be extended to 99 years and then can be sold or transferred to legal heirs.
- * This scheme is started to attract the investors due to which the economy of Oman boosts up and it also aligns the relation of brotherhood with the neighbors by offering usufruct rights to them.
- * According to this scheme the expats are allowed to buy property anywhere in Oman not just restricted to ITCs as it was done previously.
Getting residency by owning a property in Oman:
I think getting residency in such a developed country will be the wish of every person. If you are also having this dream then we will inform you that you can make your dream come true by buying a property in Oman.
- * If an expats buy a property in ITCs then automatically you and your family is titled to residency and one can renew this residency as long as he or she owns the property in Oman.
- * In addition to this to enjoy the residency there are some conditions such as having original and valid passport and well settled financially to support your stay in Oman.
- * The minimum amount with which you can get residency is 50,000 Omani riyals. It will ensure that you are able to bear the expense of your stay or owning a property in Oman.
- * One can get a five year valid residency by investing minimum amount of 250,000 Omani riyals in real estate.
Real estate market in Oman:
With the passage of time the people are becoming rich as compare to past so when the people are wealthy then they have a desire to buy properties because thus the best way of investing money that can never be losted. When most of the people are wishing to buy properties then the prices of the real estate also falls to the ground. Many people that may be local or expats are wishing to buy property in Oman to get residency.
Need of lawyer to buy a property in Oman:
Sometimes it is best to hire a lawyer to buy a property in Oman then he will be responsible to all the paper work , transaction and legal requirements for you and you will be tension free.
Akad al-Shei:
This is an Arabic word which means that Purchase agreement which is the binding document between the buyer and the seller that is the legal agreement to ensure the legacy of your deal. This is needed by the government of Oman to check that the deal is legal or illegal. So take care of signing this document when you are buying or selling a property this is essential for both the parties.
The Omani lawyer can also help you to find a property title to verify the property ownership status. The Omani lawyer will also guide you that which type of permits are needed by the ministry of Housing or relevant authority. You lawyer will also take care that all of your taxes are paid such as property transfer tax , registration fee. This will make you tension free that all of your paper work and payment dues are clear.
Documents required:
Usually when the buyer is buying a property in Oman then the documents required varies according to the property yo be bought but here we will enlist some important and general documents required to own a property in Oman:
- * First of all a document known as Akad al-Shei that is known as purchase agreement that is the proof of tge deal between the buyer and the seller, signed and notarized by a notary public.
- * Secondly there is a title deed of sale that is usually issued by the appropriate government body is required to buy a property in Oman.
- * Thirdly the buyer will be required with valid registration form with the Ministry of Housing.
- • Ministry of Interior issues a valid certificate of residence that is also required to buy a property.
- * It is obvious that you will be requires with a Qatar Id and a valid passport.
- * A valid bank statement is required.
- * A valid survey/site plan of the property Is required to ensure that you have fully survey the land and you are satisfied with your deal.
- * A valid permit from the Ministry of Environment and Water is also essential to buy a property in Oman.
- * Another requirement to buy a property in Oman is a valid building permit or zoning certificate from the municipality.
- * When every thigh is done you have own the property then a valid certificate of ownership from the Ministry of Economy is required.
However we will again mention that the requirements may be different for different type of lands so first ask about the documents required for the purchase of that land.
I hope this article will help you a lot in buying a property in Oman and you will enjoy the residency in Oman.
