Oman Observer, 13 April 2024: Omani Ministry of Housing and Urban Planning will implement eight initiatives and prepare laws and regulations which will regulate real estate and related activities in Oman.

The Ministry aims to unify regulations on real estate development, brokerage, evaluation, owners’ associations, and escrow accounts under a single legal system which would be entitled Real Estate Regulatory Law in Oman.

The most significant of these initiatives is the regulation of the real estate valuation sector. Controls and standards have been established to regulate real estate valuation companies and offices in Oman. These companies have been classified, and highly qualified real estate appraisers have been put in place to organise and control the real estate market. The aim is to conduct fair and accurate valuation of land and properties. In addition, a draft regulation has also been prepared with the help of relevant authorities.

The initiative on governance of real estate brokers aims to regulate real estate broker companies and reduce unlicensed real estate agencies. The proposed draft is expected to be submitted to the Justice and Legal Affairs Ministry by the end of 2024.

The Ministry is also working on the final draft of regulations on the Real Estate Registry Law. This initiative aims to regulate real estate registry and keep up with digital transformation of transactions. It will set controls and conditions for regulating real estate registry in line with the Land Registry Law in Oman.

In addition, the ministry will finalise regulations on the expropriation law for public benefit and review the executive regulations so they align with the next phase. The aim is to issue regulations on the expropriation law for the public interest within the course of 2024.

There are also plans to introduce an integrated Urban Planning Law, and executive regulations. .

The ministry also intends to prepare a Housing Law and executive regulations. This aim is to unify laws on to social housing and land usage in Oman under a unified framework, which can adapt to future changes.

The Ministry aims to unify regulations on real estate development, brokerage, evaluation, owners’ associations, and escrow accounts under a single legal system which would be entitled Real Estate Regulatory Law in Oman.

The Ministry will also be conducting a study into the governance of foreigners’ ownership of usufructs for a period of 99 years, and aims to provide foreigners with the opportunity to own usufructs outside integrated tourism complexes in specified areas.

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