Real estate brokers in Oman must pay fees now

Business Sunday 14/August/2016 22:36 PM
By: Times News Service
Real estate brokers in Oman must pay fees now

Muscat: Real estate companies have to pay fees now to secure permits to work in the property market, according to the Ministry of Housing.
The new decision categorised the fees into two sections, one for companies in Muscat and the other for those outside the capital.
Real estate brokerages based in Muscat will be required to pay OMR500 for their permit fees, while the remainder of the Sultanate’s real estate companies will pay OMR300.
Moreover, renewal fees for permits have been set at OMR200 for brokerages in Muscat, while those outside Muscat will pay OMR100.
Also, real estate companies will now be required to register their staffs, as the Ministry of Housing will only permit those working under the umbrella of sanctioned operators.
The Ministry will issue permits for such individual brokers, in order to work in the market. Real Estate companies in Muscat will also pay OMR50 for each real estate broker the employ.
However, companies located outside Muscat will pay OMR25 for each broker.
The fees to renew permits for individual brokers will be half that amount, with companies in the capital paying OMR25 to renew their brokers’ permits, while companies outside Muscat will be required to pay OMR15.
Regarding the new regulations, Mohammed Al Busaidi, chairman of the Oman Real Estate Association and a Majlis Al Shura member, said this is a step to regulate the real estate market in the Sultanate.
“This is part of the plan to regulate the market, since now it will only be possible for permitted brokers to carry out transactions in the real estate market,” said Al Busaidi.
“Not everyone can conduct business in the market anymore. Such regulations will control the market and also help in developing a better atmosphere for companies and permitted brokers,” Busaidi added.
He added that the Ministry of Housing, in return, will provide services for the approved companies and individuals.
“An internet connection will be provided for companies by the ministry of Housing so they can finish any transaction from their offices, without the need to go to the ministry building,” said Al Busaidi.
He added that this regulation will result in trustworthy real estate companies which the Ministry of Housing can assign to evaluate real estate properties in the future.
“Individual brokers will have to pass a course in order to be permitted by the Ministry. The profession is becoming more organised and, therefore, everybody working in this market should be up to a certain level of experience and knowledge,” said Al Busaidi.