Muscat: The Oman Real Estate Association has announced plans to organise a real estate conference and exhibition as part of the upcoming Dhofar Autumn Festival activities.
The announcement was made during the association's annual meeting attended by association members, officials from the Ministry of Housing and Urban Planning, real estate sector stakeholders, and members of the media.
During the meeting, the association revealed plans to collaborate with a consulting firm to conduct a study on the impact of value-added tax (VAT) on real estate trading.
The event also included discussions on updates in the real estate sector, challenges in property financing, and initiatives aimed at diversifying housing options and facilitating access for citizens. These measures aim to sustain the positive impact on the sector.
The Ministry of Housing confirmed its intention to launch an initiative that will create 300 to 400 job opportunities in the real estate sector, further promoting growth and development in the industry.
In his speech, Engineer Khalid bin Nasser Al-Mahrouqi, Director General of Real Estate Development at the Ministry of Housing and Urban Planning, stated that the ministry will launch a new data platform to guide real estate investors, with the initial phase providing limited information.
He pointed out that the Development Platform is the mechanism for dealing with all developers in Oman, and the Oman Real Estate Association has played a role in raising awareness among developers. Any developer selling off-plan without opening an escrow account will be considered as a violation and referred to the public prosecution.
Al-Mahrouqi also highlighted the presence of hidden trade in the real estate development sector, with more than 500 companies operating without being registered with the Ministry of Housing and Urban Planning or the Oman Real Estate Association, leading to many cases in the courts.
He confirmed that more than 900 homeowners' associations are registered in Oman, which is a positive indicator, though 20% of them face issues. Efforts are ongoing to correct the situation concerning homeowners' associations.
Ali Al-Issaei, Secretary of the Real Estate Registry at the Ministry of Housing and Urban Planning, explained that the Urban Observatory is a set of data that helps decision-makers and planners. The tasks assigned to real estate brokerage offices are part of an initiative to transfer real estate registry work related to documentation to these offices in cooperation with the Ministry of Labour, which is expected to create 300–400 jobs across Oman.
Al-Issaei noted that the scale of real estate development currently witnessed in Oman is a new experience compared to other countries, and the Real Estate Regulatory Law has now reached the State Council.
This law was formulated with the participation of all parties and is open to consensus on the executive regulation of the law. There is a need for awareness to overcome challenges in the real estate sector, with parts of the regulation focusing on valuation and real estate brokerage. There is a move to make real estate brokerage governed and evaluated, with significant opportunities for Omanis in valuation offices.
Al-Issaei added that there are institutes providing valuation certificates to trainees, and the upcoming phase will involve governance of the real estate sector and exploring job opportunities for Omanis in this field. In response to a question about fraud in the sector, he confirmed that the ministry can establish controls to reduce fraud in the real estate sector.
Dr. Matar Al-Buraiki, Director of Homeowners' Associations at the Ministry of Housing and Urban Planning, stated that the ministry will implement new procedures to reduce developers' dominance over homeowners' associations and facilitate smooth elections for these associations.
This meeting is part of a series of events organised by the Oman Real Estate Association aimed at regulating the real estate market, addressing the challenges faced by professionals in the sector, and finding ways to overcome them to achieve the aspirations of this vital sector.
