Sunday 24 / November / 2024
Muscat: His Excellency the Minister of Housing and Urban Planning has issued a ministerial decision regarding the controls for companies owning land and real estate to carry out commercial activity.
His Excellency Dr. Khalfan bin Saeed Al Shuaili, Minister of Housing and Urban Planning, today issued Ministerial Resolution No. (102/2023) regarding the amendment of Ministerial Resolution No. (45/2021) about the controls for companies owning land and real estate to carry out the activity.
Article 1 stipulated that the texts of Clauses No. 3 and 4 of Article 1 of the aforementioned Ministerial Resolution should be replaced with the following:
Clause 3 - Companies own land and real estate by purchasing commercial, residential, economical, industrial, tourism, and residential real estate units existing in integrated residential complexes.
In comparison to the canceled text, the new amendment allows for ownership by making a purchase in existing residential real estate units in integrated residential complexes.
Clause 4 - The companies should use more than (50%) of the land and real estate area to carry out the activities registered in the commercial register, and they may rent or sell what exceeds their actual need, with the exception of real estate owned for tourism purposes, integrated commercial complexes, and residential real estate units existing in the integrated complexes residential.
In comparison to the canceled text, this condition includes existing residential real estate units in integrated residential complexes.
It is noteworthy that the decision was based on the Land Law issued by Royal Decree No. 5/80, the real estate registry system issued by Royal Decree No. 2/98, and the law prohibiting non-Omanis owning land and real estate located in some places issued by Royal Decree No. 29/2018, as well as the decision Ministerial No. 45/2021 regarding the controls for companies owning land and real estate to carry out commercial activity.
