MUSCAT – According to an explanation provided by the Shura Council, the law’s primary objective is to create a consistent and coherent set of regulations for the entire sector.

“The importance of the law lies in establishing a unified legal framework with consistent mechanisms to regulate the real estate sector, keeping pace with the development and stability of the real estate market, and encouraging and attracting investments,” the Council’s explainer stated.

Explaining further, the Shura listed the following objectives:
• Provide consistent and coherent legal provisions governing the real estate sector.
• Regulate the development and stability of the real estate market.
• Stimulate and attract investment by updating existing legal frameworks that regulate the sector.
• Regulate licensing mechanisms for real estate professionals and businesses, including brokers, appraisers, and developers.
• Activate the Ministry of Housing and Urban Planning’s oversight and governance of related professions and activities.
• Organise and regulate owners’ associations and professions of real estate brokerage and real estate appraisal.
The law includes a comprehensive regulation of the real estate sector and related activities. Accordingly, its implementation will result in the abolition of the following laws and legislation:
• Real Estate Brokerage Law (Royal Decree No. 78/86)
• Apartment and Floor Ownership System (Royal Decree No. 48/89)
• Real Estate Development Projects Escrow Account System (Royal Decree No. 30/2018)
The law underwent extensive legislative review through the Shura Council’s committees and public consultations before reaching its final form.