Real estate fee reduction, other measures begin in Oman

Oman Wednesday 04/November/2020 10:44 AM
By: Times News Service
Real estate fee reduction, other measures begin in Oman

Muscat: The Ministry of Housing and Urban Planning has begun reducing fees for real estate transactions as of Tuesday, November 3, 2020.

The ministry said: "To achieve the goals of the medium-term fiscal balance plan and the initiative to revitalize the real estate market, the Ministry of Housing approved the following measures:

- Activate the reduction of real estate fees, as of Tuesday, November 3, 2020. From 5 per cent fees to 3 per cent.

- Activating the procedures of the sale system for usufruct of residential real estate units in commercial residential buildings for expats.

- Activating the documentation and registration of contracts for sale in installments for real estate units existing in the real estate registry departments in all housing and urban planning directorates according to the following controls:

- Documentation and registration shall be against the fees prescribed for sale.

- Issuing the buyer's title deed with a note in the title deed explaining the seller’s name with deferred installments.

- Putting a note in the real estate newspaper not to dispose of the sold real estate unit before paying the installments.

- Cancellation of the note from the title deed after paying all installments in the presence of the parties.