Oman: GCC Investors Purchase Property In Tourist Spots

The number of GCC citizens purchasing property in Oman has risen by nearly 17.63% compared to the previous year, according to new data from the country’s National Centre for Statistics and Information (NCSI).

According to a report in the Times of Oman, NCSI data shows a that 1,038 Gulf nationals purchased property in the Sultanate through August, compared to 855 during the same time period in 2017.

Omani regulations stipulate that GCC nationals are allowed to purchase residential, industrial and commercial properties, but not agricultural properties.

“The increase in the number of GCC nationals’ ownership of plots in Oman is because they benefit from the returns on investment in the real estate sector and its value compared to some other Gulf states,” an unnamed official from the Ministry of Housing is quoted as saying.

The official added that “some of them also buy plots because they have relatives in Oman and want to live near them. Some have inherited land plots because they are of Omani origin, in addition to the desire of many investors to own property in some provinces because of the weather and moderate climate.”

Ahmed Al-Hooti, a member of Oman’s Chamber of Commerce and Industry, is quoted by the newspaper as saying that many Gulf investors focus on potentially lucrative land in tourist areas.

“Many nationals from Saudi, Qatar, UAE and Bahrain come here and buy properties in popular tourist spots such as Salalah, Masirah Island and eastern beaches such as Ras Al Had for activities such as fishing,” he said.
Source Credit: Arabian Business

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