Property is always a good investment for the future. It is always advisable to buy and pay a loan rather than wasting the money on rent. Properties in Muscat, Oman in general are divided into two categories:
1. Touristic Area: Where people of any nationality can buy a property in a selected area for tourism development whether in Muscat or Oman.
2. Freehold: This only belongs to Omani and GCC nationals where they can buy any property whether a land or a home anywhere in Oman. It can be residential or commercial.
For expatriates or any nationality, the tourism area is defined as an area where property is classified as touristic property. At present these are: 1) Al Mouj - Muscat 2) Tilal Muscat 3) Shangri La Bar Al Jissah - Muscat 4) Jebel Sifah - Muscat 5) Muscat Hills - Muscat 6) Muriya - Salalah
The government is planning to add more areas in other parts of the Sultanate such as Suhar, Salalah and Sur. Most developers of these types of property are the arm of Oman tourism development such as Imran and private sectors either local investors or investors from abroad such as Majid Al Futaim.
Foreigners who buy such property will be given residency including family members such as wives and children. The buyer can sell the property anytime he wants however he will lose the residency which is renewable every two years.
An Omani can buy any property in Oman as long as it is for sale and does not belong to the government. The property can be a house land, farm, or a commercial property. GCC citizens can also buy property in Oman and they can stay in Oman as long as they don’t want any visa or residency. GCC citizens can only sell a property after four years.
To purchase a property, all you need is your national ID or a valid passport; this applies to local residents, GCC citizens and expatriates. Some other paperwork also needs to be done at the Ministry of Housing in Muscat. There is also a fee of 5% that needs to be paid to the Ministry of Housing for changing the lease. Whether the buyer or the seller will make the payment has to be negotiated in advance.
Usually banks in Oman such as Bank Muscat, Bank Suhar, Oman Arab Bank and other local banks provide loan or mortgage to buy a property. For this, one requires to have a regular income and the same must be credited to the bank. Some other documents might also be required from the bank. For expatriates, usually the method of payment is cash. A property which is under construction can be paid on a monthly basis providing you pay a deposit which is around 10 - 20% of the cost of the development.
Muscat Home, one of the leading real estate in Oman will help you to find your property according to your budget and need. We will also be able to advise you if you are not an expert and have any doubts about where and why to invest in Oman. We will facilitate all the paperwork and if needed can recommend a law firm to seek advice for proof and documentation.
Muscat Home have a range of properties whether for local, expatriates or for GCC citizens. Our knowledgeable staff will be able to guide you; given this is one of the most important decisions you have to make.
Whether you want to invest in Muscat, Salala, Sur or Sohar, Muscat Home Real Estate will be there for you.