Muscat: The Oman Real Estate Association has announced its intention to host a real estate conference and exhibition as part of the forthcoming Dhofar Autumn Festival activities. This announcement was made during the association's annual meeting, which was attended by members, officials from the Ministry of Housing and Urban Planning, stakeholders from the real estate sector, and representatives from the media.
During the meeting, the association disclosed plans to partner with a consulting firm to conduct a study assessing the effects of value-added tax (VAT) on real estate transactions. The agenda also included discussions on recent developments in the real estate sector, challenges related to property financing, and initiatives designed to diversify housing options and improve accessibility for citizens. These efforts are aimed at maintaining the sector's positive momentum.
The Ministry of Housing confirmed its plans to initiate a program that will generate between 300 and 400 job opportunities within the real estate sector, further fostering growth and advancement in the industry.
In his address, Engineer Khalid bin Nasser Al-Mahrouqi, Director General of Real Estate Development at the Ministry of Housing and Urban Planning, announced the upcoming launch of a new data platform intended to assist real estate investors, with the initial phase offering limited information. He emphasized that the Development Platform will serve as the primary interface for all developers in Oman, and acknowledged the role of the Oman Real Estate Association in enhancing awareness among developers. He warned that any developer engaging in off-plan sales without establishing an escrow account would face legal repercussions.
Al-Mahrouqi also pointed out the issue of unregistered businesses in the real estate development sector, noting that over 500 companies are operating without registration with the Ministry of Housing and Urban Planning or the Oman Real Estate Association, resulting in numerous legal disputes.
He reported that over 900 homeowners' associations are currently registered in Oman, which is a promising sign, although 20% of these associations are experiencing challenges. Ongoing efforts are being made to address the issues related to homeowners' associations.
Ali Al-Issaei, Secretary of the Real Estate Registry at the Ministry of Housing and Urban Planning, elaborated that the Urban Observatory serves as a comprehensive data resource for decision-makers and planners. The responsibilities assigned to real estate brokerage offices are part of an initiative aimed at transferring documentation-related real estate registry tasks to these offices in collaboration with the Ministry of Labour, which is anticipated to generate 300 to 400 jobs throughout Oman.
Al-Issaei emphasized that the current scale of real estate development in Oman represents a unique experience compared to other nations, and the Real Estate Regulatory Law has now been submitted to the State Council. This legislation was developed with input from all stakeholders and remains open to consensus regarding its executive regulations. There is a pressing need for awareness to tackle challenges within the real estate sector, with certain aspects of the regulations concentrating on valuation and real estate brokerage. Efforts are underway to establish a regulated and evaluated real estate brokerage system, presenting significant opportunities for Omanis in valuation offices.
Al-Issaei also mentioned that institutes are offering valuation certificates to trainees, and the next phase will focus on the governance of the real estate sector and identifying job opportunities for Omanis in this domain. In response to inquiries about fraud within the sector, he affirmed that the ministry is capable of implementing controls to mitigate fraudulent activities in real estate.
Dr. Matar Al-Buraiki, Director of Homeowners' Associations at the Ministry of Housing and Urban Planning, indicated that the ministry plans to introduce new procedures aimed at diminishing developers' control over homeowners' associations and ensuring smoother election processes for these associations.
This meeting is one of several events organized by the Oman Real Estate Association, focused on regulating the real estate market, tackling the challenges encountered by industry professionals, and exploring solutions to meet the goals of this essential sector.
