Should You Invest?
Foreign freehold ownership of property in Oman is now available
but only in tourism designated areas. Foreign owners are also
automatically given residency rights along with their immediate
family. Oman gives it visitors a true feeling of Arabian culture
without the newly overdeveloped cities of the neighbouring United
Arab Emirates.
- The country has absolute tax freedom
- The rental market is generally pro-landlord.
- Oman is showing strong economic growth, especially with the
increase in tourism.
- Although new freehold laws have been issued to ease foreign
investment the country is still showing uncertainty towards
it.
- The country is showing a potentially strong rental market which
will produce high rental yields.
- Oman still has a very new real estate market and at this stage
it is very hard to predict the future.
Rental Yields
The interest in property rents in Oman is expected to rise with
growing numbers of tourists visiting the country each year. The
rental market is so new in the country that rental yields are still
unsure. Villas and luxury apartments are the most favourable type
of property to rent especially in city centres or along the coast
which appears to gain the highest rental yields.
Price History
Whilst the demand for property increases so does the price. The
lowest price for a two bedroom 140 sq m apartment along the coast
in Muscat, a top tourist destination is currently OMR100 ,000 or
US$259,054. Many people book holidays to Dubai and spend half the
time in Oman to relax, and now that foreign ownership has become
more simplified, increasing numbers of tourists are starting to buy
property there too.
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