Friday, May 31, 2024

Foreigners Can now Buy Property in Oman.

Following a ministerial order given by Dr Khalfan bin Saeed Al Shuaili, Minister of Housing and Urban Planning, expatriate investors can now acquire real estate in Oman for up to 500,000 Rials.

Expat investors who purchase housing units worth between OMR 500,000 and OMR 250,000 will receive a first-class residence card from the Real Estate Registry Secretariat, while those who purchase properties worth less than OMR 250,000 would receive a second-class residence card.

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Investors who own residences that allow them to obtain first-class residence cards also have the ability to own a single property outside of the places where expatriate ownership is permitted.

Expats must own properties without prejudice to Royal Decree No. 29/2018 and the executive regulations published under Ministerial Resolution No. 292/2020, which list the regions in the Sultanate where expats are barred from holding real estate.

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