Muscat: As Oman follows in the footsteps of ‘Vision 2040’ and the medium-term fiscal balance plan, which includes incentivising various sectors in the nation, the Ministry of Housing and Urban Planning began implementing its strategies to revitalise the real estate market.
The new plan – which was announced on November 4, 2020 – includes a substantial reduction in real estate transaction fees.
In a tweet, the ministry said: To achieve the goals of the medium-term fiscal balance plan 2020-2040, and the initiatives set to revitalise the real estate market, the Ministry of Housing approved the following measures:
– Reduce real estate fees, as of Tuesday, November 3, 2020. This will drop the fees from 5 per cent to 3 per cent.
– Beginning the procedures of a new system for usufruct selling of residential real estate units in commercial residential buildings for expats.
– Activating documentation and registration of contracts for sale in installments for real estate units existing in the real estate registry departments in all housing and urban planning directorates according to the following controls:
- Documentation and registration shall be set on the basis of the fees prescribed for sale.
- Issue the buyer’s title deed with a note in the title deed explaining the seller’s name with deferred installments.
- Posting a note in the real estate newspaper to not dispose of the sold real estate unit before completely paying the installments.
- Cancellation of the note from the title deed after paying all installments in the presence of the parties.