Thursday, August 24, 2017

Omani projects to offer 5,000 homes for expats

Expatriates in Oman will be offered more than 5,000 homes across the sultanate under an ambitious OR4 billion ($10.39 billion) programme as part of the five Integrated Tourism Complex (ITC) projects.

Each of the complexes offers hundreds of homes for all nationalities, said a Times of Oman report.

Currently, non-Omanis can only buy property within Integrated Tourism Complexes but the government is pushing to create more such projects, as part of its move away from dependence on oil and gas, the report said.

Mubarak bin Hamad Al Alawi, advisor of legal affairs at Ministry of Tourism (MoT), told Times of Oman that these projects include Diyar Ras Al Hadd Resort, Omagine Project, Quriyat Integrated Project, Naseem A'Sabah Project and Al Nakheel Project.

“Oman has taken a positive step by opening up the real estate market to Omanis, GCC citizens and other nationalities. The government has received a number of applications," he said.

Al Alawi said a royal decree has allowed non-Omanis to own lands and units in the integrated tourism complexes that are certified by the related entities in the Sultanate. The ownership is granted for two purposes: residence and investment, by any free ownership means, as long as it doesn’t violate the country’s regulations on the subject.

Diyar Ras Al Hadd Project will have 700 residential properties, while Omagine Project in Seeb will have more than 2,000 homes available. Naseem A’Sabah in Seeb will have more than 1,200 residential units, five star hotels, retail zones and a yacht club, as well as leisure zones and restaurants.

Al Nakheel Project in Barka will include hotels and hotel apartments, 1,436 residential apartments, villas and houses which will be available for ownership for all nationalities and citizens, the report said.

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