The Sultanate of Oman is becoming a centre for business and tourism. The real estate business in Oman has shown a significant increase in the last few years and it is expected to continue to increase for years.
Oman's ideal geographic location, strong economy and governmental stability has attracted developers and investors, leading to a tremendous growth in the total transaction volume within the Omani property market. Industry experts and market research studies have concurred that the performance of the oman real estate market is yet to see its full potential, as more developers express interest in penetrating the market and established companies announce future projects in oman.
According to Dr.Rajiha Abdul Amir Ali, Omani Minister of Tourism, who said: "Oman's tourism market in general, and the real estate sector in particular, is witnessing dramatic changes in recent years. We are collaborating with the private sector to launch new projects in Oman."
Before 2006, only Omani and GCC nationals are allowed to own properties in the Sultanate of Oman. After the Oman Royal Decree ( February 2006 ) that allows freehold properties to all nationalities in tourism designated areas, any one from any nationality, can own real estate in government-recognized tourism projects in Oman. This is a great opportunity for foreign investors to invest in freehold properties tourism areas in Oman. If you buy a freehold property in Oman, you will automatically get residency rights for yourself and yourimmediate family, virtue of the property acquisition.
Freehold property ownership is also available to expatriates who live or work in Oman. The expatriate owner has the right to sell the property. In case of deportation, and in the case of death, the property can be passed on through inheritance, upon presentation of suitable documentation.