Muscat: Housing Ministry’s new decision grants expats usufruct rights to buy residential properties in Oman. The Ministry of Housing and Urban Planning today issued a decision granting non-Omanis usufruct rights for ownership of limited lands and properties in multi-storey buildings dedicated to commercial and residential purposes in some sites in Muscat Governorate. The decision came after an exhaustive study conducted by the Ministry in cooperation with the departments concerned with a view to activating the real estate market and upgrading its performance rates within the framework of a government plan to enhance economic diversification and attract foreign capitals. The Ministry explained that the new decision dealing with the usufruct system’s purchase regulations coincides with the launch of investment incentivizing projects in the promising real estate sector, as well as its related activities, for ...read more...
SourceBusiness Live ME