MUSCAT – The Ministry stated that this announcement precedes the start of the sale of residential units in selected neighborhoods under Phase 1 of Sultan Haitham City. The Ministry indicated that opportunities are limited for those wishing to purchase from among the 6,700 housing units in Phase 1, which is scheduled to be built between 2024 and 2030, and families will be able to move 3 years after the start of the construction.

Sultan Haitham City provides an opportunity for those eligible to purchase within the government residential land grant system at a government-subsidized price and within financing programs from commercial and government banks at a reduced interest rate. Partnership and development agreements for Phase 1 were signed with real estate developers and eight banks. The Oman Housing Bank allocated financing for 3,000 housing loans with a total value of OMR 240 million, and the limit was raised from OMR 60,000 to 80,000. Commercial banks worked to provide discounted housing loans, such as Bank Muscat at a rate of 3.5% for the first 150 applications; while the National Bank of Oman, Ahli Bank, Oman Arab Bank, BankDhofar, Sohar International Bank, and Sohar Islamic Bank each set a rate of 3.5% for the first 100 loans at a total value of loans exceeding OMR 40 million.

It is worth noting that 5% of the units in Sultan Haitham City are allocated to eligible beneficiaries of the Housing Assistance Program, providing them the opportunity to obtain housing in the City. Non-Omanis and investors can also own property in Sultan Haitham City according to the terms and conditions stipulated. The Ministry invites those wishing for more details to visit the ‘Future is Legacy’ event held at Muscat City Center until October 25, 2023.