The Oman Real Estate Association recently announced plans to host a major real estate conference and exhibition during the Dhofar Autumn Festival. Notably, the announcement took place during the association’s annual meeting. It was attended by officials from the Ministry of Housing and Urban Planning, key industry stakeholders, and media representatives. This, in turn, signals an important step for the country’s real estate sector developments.
A major topic discussed during the meeting was the impact of value-added tax (VAT) on real estate trading. To address this, the association plans to work with a consulting firm to study how VAT affects property transactions. Ultimately, this research will provide valuable insights into the challenges and opportunities for professionals in the sector.
Moreover, the meeting also highlighted challenges in property financing. Specifically, the association stressed the need to diversify housing options. By doing so, making real estate more accessible to Omani citizens becomes a key goal. These efforts, therefore, will help sustain positive growth in real estate sector developments.
In addition, the Ministry of Housing shared plans for an initiative that will create between 300 and 400 new jobs in the real estate sector. This initiative will, as a result, contribute to the growth of Oman’s real estate market by offering employment opportunities and career paths.
Engineer Khalid bin Nasser Al-Mahrouqi, Director General of Real Estate Development at the Ministry of Housing and Urban Planning, addressed the meeting. He confirmed that, in the near future, the ministry would launch a new data platform for real estate investors. Although the platform will start with basic information, it will, over time, evolve to help guide developers across Oman.
Furthermore, Al-Mahrouqi also raised concerns about unregistered businesses in the real estate sector. In fact, over 500 companies are operating without proper registration. As a result, this has led to a rise in legal disputes, which the ministry plans to address.
The meeting also focused on homeowners’ associations. Oman now has over 900 registered associations. However, around 20% of these face challenges. Consequently, the ministry is working to resolve these issues and improve their functioning.
Ali Al-Issaei, Secretary of the Real Estate Registry at the Ministry of Housing, presented data from the Urban Observatory. This project provides valuable insights to help decision-makers and urban planners. He also explained plans to transfer real estate registry tasks to brokerage offices. Therefore, this move will create 300 to 400 new jobs in Oman.
Additionally, Al-Issaei highlighted the importance of the Real Estate Regulatory Law. The law, currently under review by the State Council, aims to regulate real estate brokerage and valuation. It promises new opportunities for Omani professionals in these fields.
To address fraud concerns, Al-Issaei assured the audience that the ministry is working on new controls. These measures will help reduce fraud in the sector. Furthermore, professional training and certification for real estate valuation are being emphasized.
Dr. Matar Al-Buraiki, Director of Homeowners’ Associations, discussed new procedures to reduce developers’ influence over associations. These changes will, in turn, allow for smoother elections and better governance.
In conclusion, the Oman Real Estate Association’s meeting marked a significant moment for the real estate sector developments in the country. The planned conference and the initiatives and regulations discussed will, without a doubt, shape the future of Oman’s real estate market. With these advancements, the sector is set for growth and innovation.
