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Kuwaitis top GCC property buyers in Oman

Muscat, March 6, 2014

Kuwaiti nationals ranked first, with the acquisition of 1,850 properties in Oman, in a huge rush among GCC nationals to buy real estate in the Sultanate, said a report.

The Emiratis were second with 1,211 properties, followed by Qataris with 261, Bahrainis with 117 and Saudi nationals with 82, said the Gulf News report.

Experts believe that Oman is a safe country, with an environment conducive for investment and the property prices are cheaper compared to other GCC neighbours, it said.

The number of people wanting to own a property in Oman is going up due to good returns and cheaper market as compared to their neighbouring states, said the report.

The Emiratis own properties in all the governorates of Oman, while other GCC nationals have properties only in some governorates, it said.

The properties bought in North Batinah governorate represented half of that owned by GCC nationals, which experts attribute to the growing number of infrastructure projects under execution including the Sohar Port, Free Zone and the railway project.

It was followed by Dhofar governorate, Muscat, South Sharqiyah, South Batinah and Dhakilyah.

The GCC citizens are allowed to purchase property in member states without restrictions, while expatriates can only buy in freehold areas in states that have such provisions, said the report.

Meanwhile, to regulate the skyrocketing prices of the land plots, especially in Muscat, that have witnessed a huge demand particularly from Omani couples, the Ministry of Housing is going to issue a real estate Index to monitor the undue hike by the unlicensed real estate brokers.

The unlicensed real estate brokers would be liable to a jail term of six months and a fine not more than RO3,000 ($7,770).




Tags: Oman | Kuwait | property | GCC | estate | real | buy |

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