MUSCAT : Expat residents living in Muscat can now own flats and offices in multi-storey commercial and residential buildings under the usufruct system, the Ministry of Housing and Urban Planning said.

In a ministerial decision issued by Dr. Khalfan Al Shueili, Minister of Housing and Urban Planning, expatriates who have stayed in Oman for at least two years or more can buy flats and offices in parts of Muscat Governorate. The ministerial decision has been published in the Official Gazette.

According to the Ministry, an expat buyer can also seek loan from banks or any financial institution. However, both the seller and the buyer has to pay 3% each towards registration fee.

Expats can buy flats and offices in wilayat Baushar, Al Seeb and Al Amerat. According to the decision, in Baushar (1-3), Al Khuwair (Area 2), Ghala Heights (1 and 2), Wattayah (1 and 2), and Misfah (Area 2) are allowed.

In Al Amerat, Hashiya (Area 1), Mahaj (Area 1), Madinat al Nahdah (Area 2-5), Seeb (South Mawelah Area 5). Al Khoud (Area 2), Mabelah South (Area 7) are also included.

“The decision stimulate investment in the promising real estate sector to achieve specific growth rates which enhance the performance of related activities and achieve sustainable development,” Ministry said in a statement.

Welcoming the government decision, Mohammed Shajahan, an Indian expat working in the country for the last 12 years said: “It’s such a welcoming move. Instead of paying rent, this is more of a saving and can now look at owing a flat.”

Following are the regulations issued by the Ministry for expats buying the units:

The owner must be not less than 23 years of age, must be a resident of over two years at the time of application.

The owner or the first-degree relative can own only one unit.
The owner can take benefit from the common or shared facilities in the building.

The owner will be allowed to sell the unit only after four years from the date of the purchase.

The property can be transferred to the legal heir in case of death.
The potential buyer can seek finance, including the mortgaging of the usufruct right from any financing of the project.

The building should have a minimum of four floors or above.
The number of rooms in each residential unit should have a minimum of two rooms, including facilities such as toilets and a kitchen.

The numbers of real estate units shall be far from the existing residential neighborhoods to preserve the privacy of the community and in line with the demographic composition.

The building should be not less than four years from the date of completion of construction work and only fully completed units can be sold.

The seller and buyer pay 3% each of the total for the registration of the unit.
The usufruct agreement is valid for 50 years, which can be renewed but should not exceed 99 years.

Liked this story? We’ll send you more. Subscribe to TAS newsletter and get stories delivered to your inbox. Click to get started.