Gulf real estate markets gradually opens to expatriates
Oman is considering to open up the local property market to expatriates and foreign institutions, allowing them to invest in real estate and own properties in the Sultanate, Oman’s Minister of National Economy Ahmed Bin Abdulnabi Macki told the Oman Daily Observer.
The expatriate community is likely to gain access in the future to a number of state-owned properties and real estate assets, slated for privatization, the minister stated. Currently, more than half of the 86,000 expatriate families reside in houses to them provided by their employers. Others rent properties directly.
The rule preventing foreigners from owning property in Oman was somewhat relaxed in 2000, as the government permitted real estate investments made by foreign nationals of the Gulf Cooperation Council (GCC), namely Saudi, Kuwaiti, Emirati, Bahraini and Qatari citizens.
Also this week, it was announced that non-Saudi Muslims would be offered the opportunity to purchase apartments, on a long-term lease basis, in the King Abdul Aziz Endowment project. The 1,500-apartment project offers residential units in two 27-story towers, near Makkah’s Grand Mosque.
Saudi Arabia is also looking into the possibility of allowing foreign professional expatriates to own property in the country. The United Arab Emirates (UAE) government’s decision to allow expatriates to own property in Dubai has fuelling an unprecedented real estate boom— (menareport.com)
© 2003 Mena Report (www.menareport.com)
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