Buying and Selling in Oman

Cluttons offers you a personalised and professional service in the search for your ideal home here in the Sultanate of Oman.

The service includes providing a detailed description of properties available, assessing your needs and requirements for accommodation, arranging escorted viewing of selected properties, negotiation of rental rates and payment terms, all documentation and registration of the lease agreement and checking the small details before the property is handed over. We inspect each property before it is added to our books to ensure that the villas we offer are of good quality.

If you want to move from your present accommodation here in Muscat or are just arriving in the Sultanate of Oman, please give us a call or email us. We will be delighted to help you.

Orientation

At Cluttons we offer a free tour of the capital, Muscat, to help you settle into your new environment more quickly.

Oman is one of the most beautiful, safest countries for expatriates to live and work in.

Housing hunting can be exciting and but also stressful so we try our very best to get you the property you require and make it as stress free as possible.

We also like to introduce or clients to all amenities available here in Oman: schools, banks, shopping areas, household, restaurants, social clubs / activities, hotels, medical centres, doctors, dentists, hospitals, etc.

Property Market

Market overview

On the 22nd February 2006 Sultan Qaboos issued a Royal Decree declaring that expatriates and foreign nationals may purchase land and property in Oman within “tourist designated areas” either for accommodation or investment. The law has been carefully constructed and is helping elevate the country into the international arena.

The government has moved ahead with privatisation of its utilities, the development of a body of law to facilitate foreign investment and is continuing to liberalise its markets. As a result, the rental market is thriving with new multinational companies entering and domestic companies expanding. This is resulting in an increased demand for properties to let and landlords have reacted by improving the quality of the accommodation they are placing on the market.

Tourism

Over the last five to ten years the tourism industry has increased steadily, with remarkable growth being experienced recently. There has been an increase in direct, non-stop flights from key international markets which have identified the potential of Oman as both a tourist and business destination. The hotel business in Oman has picked up after a long period of recession. This is evident from the strong financial performance of hotel operators in 2005. Around 1,000 hotel rooms will be needed in the next three years to satisfy the increasing demand, mainly from European tourists.

Origin of buyers

The recent projects have seen a fifty-fifty split between European and Omani. The balance is expected to tip to 65% European in 2007.

Mortgages or home finance

Banks offer competitive mortgage products and rates. Cluttons Private Finance is also able to advise purchasers who wish to arrange finance on foreign property acquisitions.

Legal factors

With its freehold clause and renewable residence visas for the buyer and his or her family, the law seems to be advantageous to prospective expatriate property purchasers when compared with the rest of the Gulf. Property owners will be subject to the inheritance laws in their country of origin as far as inheritance rights are concerned.

Currency factors

The currency in Oman is the Omani Rial (OMR).

Local information

Oman is situated in the south-eastern quarter of the Arabian Peninsular and is the third largest country in the peninsular. Oman’s economic performance since 2000 has improved significantly, largely due to an upturn in oil prices. A conservative estimate of oil price is likely to result in surpluses which can be channelled into building the country’s diversification initiatives. Various industrial projects around the country are helping propel the local economy to greater heights. Competition is growing within the aviation sector, benefiting customers with improved service standards, additional destinations and increased frequencies.

Harry Goodson-Wickes
T: + 968 24564250
harry.goodsonwickes@cluttons.com

Cheryl Mitchell
T: + 968 24564250
cheryl.mitchell@cluttons-oman.com