GCC nationals rush to buy Oman real estate

31/12/2014 06:12 AST

Amid the tumbling of the oil prices, there is a huge rush among the GCC (Gulf Cooperation Council) nationals to buy real estate properties in Oman. The environment is safe for investment and the property prices are cheaper compared to other GCC neighbours.

An official at the Ministry of Housing told Gulf News that the number of the real estate properties owned by GCC citizens in various governorates of Oman totalled 4,572 in 2014. The official added that the gross trade value for a property in Oman, has witnessed a remarkable growth of 7.55 per cent that stood at OMR 2.7 billion in 2014, compared to OMR 1.5 billion in 2013.

Fees collected for all legal actions in 2014 also rose by 7.61 per cent to OMR 7.31 million in 2014, says the official.

The official affirmed that the number of people wanting to own a property in Oman is going up due to good returns and a cheaper market as compared to neighbouring states.

Nasser Al Matrooshi, a real estate expert, said that many GCC nationals flock to Oman to buy properties due to the government policies as well as building mega projects nationwide. Al Matrooshi added that the government facilitates issuing ownership procedures for the GCC nationals’ aims to attract more investment to the country.

Meanwhile, Mohammad Al Busaidi, the head of the Omani Real Estate Association, affirmed that the real estate sector in Oman is still in the safe side. He added that the real estate sector will not be affected by the decline in oil prices as long as the country continues its spending policy at the same rate.

Al Busaidi also called for the establishment of an independent body to regulate the real estate sector work.

Gulf News