If only I could afford a home in the sun - buying property in Oman
Sunday's announcement of Royal Decree 12/2006 which grants, in principle, permission for non-Omanis to own property in the Sultanate, has been long-awaited.
But it doesn't confer rights to buy property just anywhere. The investment must be in an 'integrated tourism complex'. As indicated in an earlier post, we can't be totally sure yet of the quality and facilities of the property on offer in the developments. Properties are advertised as being of luxury status.
Muscat Golf and Country Club has been waiting patiently for such a move, offering 'luxury 2-bedroom apartments, penthouses and 3, 4 and 5 bedroom villas.' Prices range from RO93,500 ($242,858) for the apartments to RO253,000 ($657,143). Such is the height of gracious living, that power lines have been removed from the site. 'Specialist contractors Larsen and Toubro, which prepared new tower and pole sites for the relocation of overhead transmission cables, undertook this task.' Oman Observer 13th April 2005. Contractors were building an 18-hole golf course all last year.
I think you can take it that you will have to be what is known as a high net-worth individual to be able to afford it.
There's a lot of interest in owning a luxurious beach-front property. The Wave, which will extend along six kilometres of pristine sea-front northwest of Muscat, was oversubscribed 20 times when it held a draw for its first residential release earlier this month. The first properties are due to be ready by the end of 2007. The website assures the earliest residents of a very attractive offer.
You have to register your interest in The Wave before you can get detailed information. One hopes that you get detailed information. The website does not reveal any drawings or artists' impressions of what the properties are actually going to look like, but there will be another 18-hole golf course, to be designed by Greg Norman and a 300 berth marina.
'The Wave, Muscat, is a joint venture comprising Oman’s Waterfront Investments, which includes the Government of the Sultanate of Oman, the National Investment Funds Company, which represents the Omani Pension Funds and State General Reserve Funds, and the UAE’s Majid Al Futtaim Investments.' Oman Observer 5th February 2006. That suggests that the development is intended to be a nice little earner.
I'm fascinated that the images on The Wave website show young, upwardly mobile, Westerners, rather than upwardly mobile Omanis and other Gulf citizens. Have people been registering interest on the assurance that non-Omanis would eventually be permitted to own property? But I stand corrected. This page tells me that "a Royal decree of 2004 allowed GCC Nationals to purchase freehold property anywhere in Oman. A ministerial decision with royal assent was passed in November 2004 allowing expatriates to own freehold property in Oman in designated areas. [ ] The Wave, Muscat, is the first project that has been officially granted the right to offer full freehold property rights to all buyers."
So why a Royal Decree now stating that non-Omanis can buy within designated, integrated tourism complexes?
Well, for one thing, there was neither legislation nor guidelines concerning the rights of property owners to bequeathe property after their decease, nor for any rights for purchase under a company name. This also created confusion when deciding who might actually be eligible for a residence visa.
Note though, that the devil is in the detail. It has been given to the Ministry of Electricity, Housing and Water in coordination with the Ministry of Tourism, to draw up the detailed regulations governing non-Omani ownership and interest in these properties. And then the regulations must be approved by the Council of Ministers. For that, we shall have to wait.
But it doesn't confer rights to buy property just anywhere. The investment must be in an 'integrated tourism complex'. As indicated in an earlier post, we can't be totally sure yet of the quality and facilities of the property on offer in the developments. Properties are advertised as being of luxury status.
Muscat Golf and Country Club has been waiting patiently for such a move, offering 'luxury 2-bedroom apartments, penthouses and 3, 4 and 5 bedroom villas.' Prices range from RO93,500 ($242,858) for the apartments to RO253,000 ($657,143). Such is the height of gracious living, that power lines have been removed from the site. 'Specialist contractors Larsen and Toubro, which prepared new tower and pole sites for the relocation of overhead transmission cables, undertook this task.' Oman Observer 13th April 2005. Contractors were building an 18-hole golf course all last year.
I think you can take it that you will have to be what is known as a high net-worth individual to be able to afford it.
There's a lot of interest in owning a luxurious beach-front property. The Wave, which will extend along six kilometres of pristine sea-front northwest of Muscat, was oversubscribed 20 times when it held a draw for its first residential release earlier this month. The first properties are due to be ready by the end of 2007. The website assures the earliest residents of a very attractive offer.
You have to register your interest in The Wave before you can get detailed information. One hopes that you get detailed information. The website does not reveal any drawings or artists' impressions of what the properties are actually going to look like, but there will be another 18-hole golf course, to be designed by Greg Norman and a 300 berth marina.
'The Wave, Muscat, is a joint venture comprising Oman’s Waterfront Investments, which includes the Government of the Sultanate of Oman, the National Investment Funds Company, which represents the Omani Pension Funds and State General Reserve Funds, and the UAE’s Majid Al Futtaim Investments.' Oman Observer 5th February 2006. That suggests that the development is intended to be a nice little earner.
I'm fascinated that the images on The Wave website show young, upwardly mobile, Westerners, rather than upwardly mobile Omanis and other Gulf citizens. Have people been registering interest on the assurance that non-Omanis would eventually be permitted to own property? But I stand corrected. This page tells me that "a Royal decree of 2004 allowed GCC Nationals to purchase freehold property anywhere in Oman. A ministerial decision with royal assent was passed in November 2004 allowing expatriates to own freehold property in Oman in designated areas. [ ] The Wave, Muscat, is the first project that has been officially granted the right to offer full freehold property rights to all buyers."
So why a Royal Decree now stating that non-Omanis can buy within designated, integrated tourism complexes?
Well, for one thing, there was neither legislation nor guidelines concerning the rights of property owners to bequeathe property after their decease, nor for any rights for purchase under a company name. This also created confusion when deciding who might actually be eligible for a residence visa.
Note though, that the devil is in the detail. It has been given to the Ministry of Electricity, Housing and Water in coordination with the Ministry of Tourism, to draw up the detailed regulations governing non-Omani ownership and interest in these properties. And then the regulations must be approved by the Council of Ministers. For that, we shall have to wait.
