Tuesday 19 / November / 2024
Muscat: The number of GCC nationals who own real estate in the Sultanate grew by 9 per cent in 2017 to 1,210 compared to 1,107 in 2016.
According to the report issued by the Ministry of Housing, 80 per cent of the ownership by GCC nationals in 2017 was in residential lands.
In terms of nationalities, the report pointed out that Kuwaiti owners came first with 526 or 43 per cent of the total number of GCC owners, followed by UAE nationals with 434 or 36 per cent and Qataris with 96 or 8 per cent.
Governorate wise, the report said that the Governorate of North Al Batinah came first with 370 owners who own 700,000 square metres, followed by the Governorate of Dhofar with 308 owners who own more than 100,000 square metres, the Governorate of Muscat with 196 owners who own more than 50,000 square metres.
The report added that GCC national can own residential, commercial cum residential, commercial cum industrial but not the agricultural lands. They may not take any action towards the bought land during the first four years from the date of purchase.
Moreover, the Ministry of Housing, in coordination with relevant authorities, follows accurate measures before giving initial approval on the title deed. Any application for owning lands near the border areas, islands, those nearby security sites, old areas and other prohibited areas are turned down by the Ministry.
