Expat ownership of flats to boost real estate sector in Oman

Expat ownership of flats to boost real estate sector in Oman

The minimum price of flats that expatriates can buy has been set at OMR45,000. Photo: ShutterstockMuscat: Oman's realty sector will get a boost with expats buying flats in the country in the form of long-term investment, the Ministry of Housing and Urban Planning (MHUP) has said.The minimum price for expats to purchase flats in Oman under the newly-launched real estate scheme has been set at OMR45,000, and those who buy these flats can either live there personally, or allow relatives of the first degree to reside within. First-degree relatives include the flat owner's parents, siblings and children. Those who buy these properties have to be above the age of 23.“It was determined that the minimum price shall be OMR45,000 to control real estate unit prices and to ensure non-competition,” said