MUSCAT: Expatriates residing in Oman are allowed to purchase flats and offices in multi-storey commercial and residential buildings under the usufruct system.
The Ministry of Housing and Urban Planning on Wednesday announced the regulations that will allow expatriates who are residing in the country with a work visa to own residential units.
According to the regulation, the property price offered for sale to expats “shall not be less than OMR 35,000 in any of the Sultanate’s governorates.” However, in Muscat Governorate, the price of residential units should be kept at OMR 45,000 or more.
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The regulation also states that the 99-year-old usufruct purchase agreement can only be offered to expats who are over 23 years of age and they must have a valid work visa for at least two years.
As per the regulation, the expat may not dispose the property except after the lapse of four years unless his residency permit in the Sultanate has expired. Only one unit can be owned by an individual, while it can only be mortgaged for the sole purpose of financing. According to the new regulation, only 40% of the units must be used for residential/commercial sale purpose, while the number of units sold in one building does not exceed 20% for one nationality.
In October 2020, Dr. Khalfan Al Shueili, Minister of Housing and Urban Planning issued a decision allowing expatriates who have stayed in Oman for at least two years or more to own flats and offices. Expats can buy flats and offices in selected areas in wilayat Baushar, Al Seeb, and Al Amerat.
