Oman property market gets regulator

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Oman real estateOman’s real estate market is to get a regulator “to bring transparency and stability to land and property sales to citizens and expatriates,” the Times of Oman reported. While investment in real estate is considered largely safe in the country, continuous market fluctuations have been a result of inexperienced brokers and lack of regulations, a situation that requires  serious attention, a top official told the paper.

Now the Ministry of Housing is set to establish a Directorate General for the purpose. The move will help Omanis, and the expats looking to buy properties in integrated tourism complexes. Abdullah Al Mukhaini, secretary of the Ministry of Housing Land Registry, explained that the proposed directorate would play an active role as an agency for oversight and for formulating legislation relevant to the real estate market.

“The most recorded activity in the Land Registry is buying and selling of property for residential purposes with real estate transactions as an investment coming in the second place,” said Al Mukhaini.

The Sultanate’s real estate sector recorded a remarkable recovery due to factors like population growth, increased demand for housing from young people, especially married couples, and growing investment in Oman’s infrastructure development. The volume of real estate transactions in 2013 reached more than 2 billion rial ($5.2 billion), accounting for a 34 per cent increase from 2012.

Al Mukhaini also announced that the ministry is going to establish an index for real estate market prices on a quarterly basis, in coordination with competent authorities such as the National Centre for Statistics and Information (NCSI) and some real estate offices, in the coming weeks.

Meanwhile, the Omani Real Estate Association will establish another Real Estate Index within the next three months to help decision-makers, investors and financiers to track the market performance and avoid any undue fluctuation in prices.

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Reading Time: 2 minutes

Oman’s real estate market is to get a regulator “to bring transparency and stability to land and property sales to citizens and expatriates,” the Times of Oman reported. While investment in real estate is considered largely safe in the country, continuous market fluctuations have been a result of inexperienced brokers and lack of regulations, a situation that requires  serious attention, a top official told the paper.

Reading Time: 2 minutes

Oman real estateOman’s real estate market is to get a regulator “to bring transparency and stability to land and property sales to citizens and expatriates,” the Times of Oman reported. While investment in real estate is considered largely safe in the country, continuous market fluctuations have been a result of inexperienced brokers and lack of regulations, a situation that requires  serious attention, a top official told the paper.

Now the Ministry of Housing is set to establish a Directorate General for the purpose. The move will help Omanis, and the expats looking to buy properties in integrated tourism complexes. Abdullah Al Mukhaini, secretary of the Ministry of Housing Land Registry, explained that the proposed directorate would play an active role as an agency for oversight and for formulating legislation relevant to the real estate market.

“The most recorded activity in the Land Registry is buying and selling of property for residential purposes with real estate transactions as an investment coming in the second place,” said Al Mukhaini.

The Sultanate’s real estate sector recorded a remarkable recovery due to factors like population growth, increased demand for housing from young people, especially married couples, and growing investment in Oman’s infrastructure development. The volume of real estate transactions in 2013 reached more than 2 billion rial ($5.2 billion), accounting for a 34 per cent increase from 2012.

Al Mukhaini also announced that the ministry is going to establish an index for real estate market prices on a quarterly basis, in coordination with competent authorities such as the National Centre for Statistics and Information (NCSI) and some real estate offices, in the coming weeks.

Meanwhile, the Omani Real Estate Association will establish another Real Estate Index within the next three months to help decision-makers, investors and financiers to track the market performance and avoid any undue fluctuation in prices.

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