Commercial property can now be sold after two years of ownership

SourceTimes of Oman
SectorReal Estate

Muscat: The Ministry of Housing and Urban Planning has reduced the number of years for the prohibition of disposing of commercial lands to two years instead of four years, since the date of issuance of ownership. The ministry said, "In order to enhance the activity of the real estate market and within the framework of the initiatives to revitalise the real estate market in the Sultanate, the Ministry of Housing and Urban Planning announces the lifting of the legal ban on commercial, residential commercial and industrial lands for development purposes, which were issued their ownership certificate before December 31, 2018."Accordingly, it is possible to conduct legal actions (sale) of those lands. The Ministry noted that previously it was not permissible to dispose of the land except within the passage of four years from the date of issuance of ownership. more...