Oman’s Ministry of Housing and Urban Planning issues resolution

SourceTimes of Oman
SectorReal Estate

Muscat:The Ministry of Housing and Urban Planning has issued a Ministerial Resolution regarding controls on selling residential real estate units under the usufruct system for non-Omanis and for lands and real estate that are allocated for multi-storey residential or commercial uses in some locations in the Governorate of Muscat.A statement issued online by the Ministry said: "This decision targets non-Omanis whose stay in the Sultanate is not less than two years, when submitting a usufruct application.”The statement completed: "Specifications of the property designated for usufruct, multi-storey residential commercial buildings will be within the specified sites for sale, and licensed by the Ministry of Housing and Urban Planning after completion of construction and division of the project.”"Fees incurred by the seller should be 3% of the unit value when applying for more...