Electronic registration to regulate real estate, end price manipulation in Oman

Muscat: Manipulation and raising real estate prices will be a thing of the past following the launch of the Ministry of Housing’s electronic registration of real estate brokers, which will also provide listings of employment opportunities in real estate.
Salim Al Balushi, Director General for Real Estate Development at the Ministry of Housing, announced during the fourth quarter of 2015, that all legal articles would be written to organise the work of real estate brokerage offices and regulate the urban and real estate growth in the country.
On November 18, 2015, the ministry, represented by the Directorate General of Real Estate Development, launched the electronic registration of real estate brokers so that working offices are able to register via the Ministry of Housing’s website.
Brokerage procedures
The system will first start operation in the Muscat Governorate, and the other governorates will follow suit. The participating offices will be registered by the ministry and will ensure that their work and brokerage procedures, and work in the real estate market, follow the regulations of the law promulgated by Royal Decree (78/86) and its amendment issued by Royal Decree (91/2010).
Al Balushi also said that the aim of these procedures is to register and organise the work of real estate brokers.
It will identify those offices that follow the laid down regulations in the brokerage profession.
The procedures will further protect the real estate sector from speculation, contributing to illegal manipulation and the raising of prices which are inconsistent with supply and demand.
Such abuses affect the credibility of the real estate market, due to the absence of a supervisory and controlling authority that is supposed to regulate the process.
Al Balushi added that the new organization will provide employment opportunities for those seeking work in real estate. Applicantswill be required to pass a training course before receiving a license, in coordination with the Ministry of Manpower.
He pointed out that no individual or real estate office will be permitted to practice real estate brokerage without a license, which must be obtained after registration and passing the training course, provided that the individual or company has a valid commercial registration, which includes real estate brokerage.
The practicing offices will be linked electronically to the ministry, in order to follow up on their activities and monitor supply and demand in the real estate market.
Al Balushi noted that the new measures would contribute to stability in the real estate market.