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Expat professionals in Oman may soon be able to own upscale property
| Published: | 16 Jun at 6 PM |
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Tagged: Property Abroad
Expats in Oman are now likely to be able to purchase upscale property.
Expat professionals in Oman could well be waiting with bated breath as the Arab state’s cabinet debates this issue. The decision to allow foreigners to buy their own upscale homes is controversial, but would be welcomed by many of the emirate’s expat professionals who’ll be allowed to purchase property in a number of specific housing projects. According to a senior Ministry of Housing official, the decision should have been taken earlier, but was delayed for undisclosed 'obvious reasons'.
The entire initiative was based on finding a solution which would allow foreigners to benefit from the purchase of specific ranges of homes, as it was believed the move would stimulate foreign investment and keep more earned capital within the Sultanate rather than its being sent back to expats’ home countries. Since 2012, expats have been allowed to purchase homes in what are known as Integrated Tourism Projects, but the scheme now awaiting the cabinet’s approval is being seen as more apposite for expat professionals in executive roles.
Should an agreement be reached, the scheme is likely to have a major financial effect on the Omani economy as expats constitute well over a third of the emirate’s entire population and represent a sizeable number of buyers. Along with the rest of the Gulf States, Oman is a popular location for expat professionals in the oil and gas sector, many of whom will have been living and working in the state for a good number of years and may even be planning to stay in the country for their retirement years.
Expat professionals in Oman could well be waiting with bated breath as the Arab state’s cabinet debates this issue. The decision to allow foreigners to buy their own upscale homes is controversial, but would be welcomed by many of the emirate’s expat professionals who’ll be allowed to purchase property in a number of specific housing projects. According to a senior Ministry of Housing official, the decision should have been taken earlier, but was delayed for undisclosed 'obvious reasons'.
The entire initiative was based on finding a solution which would allow foreigners to benefit from the purchase of specific ranges of homes, as it was believed the move would stimulate foreign investment and keep more earned capital within the Sultanate rather than its being sent back to expats’ home countries. Since 2012, expats have been allowed to purchase homes in what are known as Integrated Tourism Projects, but the scheme now awaiting the cabinet’s approval is being seen as more apposite for expat professionals in executive roles.
Should an agreement be reached, the scheme is likely to have a major financial effect on the Omani economy as expats constitute well over a third of the emirate’s entire population and represent a sizeable number of buyers. Along with the rest of the Gulf States, Oman is a popular location for expat professionals in the oil and gas sector, many of whom will have been living and working in the state for a good number of years and may even be planning to stay in the country for their retirement years.
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