Expats being able to buy property in Oman is a relatively new phenomenon – until the relevant change in the law was announced by royal decree in 2006, non-nationals could only rent accommodation. Expats can still only buy property within areas designated as ‘integrated tourist complexes’ or ITCs. ITC licences are granted by the Ministry of Tourism, and have so far been approved for The Wave, Muscat Golf and Country Club, and the Muriya Jebel Sifah project. Properties within these complexes can be bought to live in or for investment purposes, meaning that you can buy one to let out to a third party. You are also permitted to sell your property at any time after the construction is completed. 

It is important to note that in the event of the death of a property owner, the laws regarding transfer of ownership are governed by the laws of that person’s home country. It is essential to have a valid will in place if you are considering purchasing property in Oman. If no heir applies to inherit the property within one year, the Ministry of Tourism will manage the property for 15 years, after which time ownership reverts to the Government of Oman.

Mortgages

Since the government announced that expatriates would be entitled to purchase freehold property in certain developments, some of the banks have started offering mortgage options to expats. Mortgage conditions are different for expats as opposed to locals, especially in terms of how many years you can repay your loan for and how much deposit you have to put down. The mortgage industry is still in its infancy, and as more freehold residential developments near completion, there will be more on offer.