“Buying property in Oman isn’t difficult,” says Laila Bulushi of Sovereign Consultants, a company advising diplomats and investors in Oman.
“There are a number of projects designed for tourists which represent sound investments with no risk for foreigners. It is one of the safest countries in the world; the Switzerland of the Middle East, with a good internal rule of law and neutral foreign policy.” Fiscally, there are no capital gains taxes, inheritance taxes of income taxes.

Sovereign Consultants (www.sovereignconsultants.com) can advise potential buyers on how best to maximise their investments at a time when properties are greatly in demand in Oman, such that apartments on some developments have been allocated via computer lottery.

Ownership rights
Property purchase for non-Omanis is still at a fledgling stage, with a nascent mortgage system in place, and according to Bulushi, still some confusion surrounding the categorisation of land as freehold or leasehold, as ultimately, the Sultan owns everything. Whatever the case, property owners are immediately granted residency and once a title is held it is held for good.
Buyers have two options to pay in installments for off-plan units on a large tourist resort such as The Wave, Blue City and Yeti; or to purchase land via an Omani business partner and develop it.

Bulushi says the conveyancing system is simple, secure and straightforward. Nevertheless, when buying overseas it is essential to use an independent solicitor with a legal knowledge of both the UK and the destination legal systems. One who is able to translate the documents and fully explain their terms. Legal fees are affordable and UK legal firm Towers & Hamlin operates an office in Oman.

Compared with Dubai, property prices are affordable, with two-bedroom apartments available for less than £120,000.
The Wave project in Oman’s capital, Muscat, was the first freehold residential development to be launched, stretching seven kilometres along the beach and covering some 2.5 million square metres. Five kilometres from the airport, it features a Greg Norman golf course, marina, leisure complex, four hotels and office space. Designed by the architects WS Atkins and located ten minutes from the airport, it is due for completion in 2012.

Oman Air offers a direct service to Muscat from Gatwick, which a Telegraph journalist recently described as a city presenting “a gracious and accessible face of Islam”.
Meanwhile, Blue City will house more than 250,000 people on a 16 kilometre stretch of beach in a destination called Barkha. Covering an area of 35 square kilometres and costing up to £10 billion, its name is not an exaggeration – it will be the size of a city. Announced in 2005, developments will ensue over the coming two decades, with the first phase comprising 200 villas, 5,000 apartments, four hotels, five retail areas, and two PGA golf courses.

Warm relations

Finally, in keeping with its close business relations with Dubai, Oman has welcomed a large development built by an arm of Dubai Holding called Sama Dubai. It will be called “Salam Resort & Spa – Yeti” and is due for completion in mid 2009. Upon its launch, Farhan Faraidooni of Sama Dubai announced: “The Omani real estate market looks bright: underpinned by strong macroeconomic conditions, high liquidity, favourable demographics, and a proactive government.” Spread over four square kilometres, it promises to combine sea and mountain views, in line with the desire of the Salam brand to offer seven-star facilities in
uniquely attractive natural locations.

It is hoped that Oman will create these developments with great sensitivity to
the environment: it has received good
press to date thanks to its efforts to attract
a more cultured and eco-minded tourist than other rival destinations.
Then and now
* The oldest independent state in the Arab world, the Sultanate of Oman has a coastline formed by the Arabian Sea on the south and east, and the Gulf of Oman to the north-east. In the 19th century, its empire competed with Portugal and Britain for influence along the east African coast.

* Oman began exporting oil in 1967 and continued in earnest after the accession of the incumbent Sultan Qabos. It has lately been putting its efforts into other industries such as natural gas and tourism.

* Ranking in the world’s top 20 countries in terms of economic freedom given to its citizens (Hong Kong and Singapore come out on top), its entrepreneurial economy stands in good stead for the future. The recent announcement of six new regional airports to compliment the international airports at Muscat and Salalah has provided a boost to Oman’s infrastructure.

* Its natural charms include mountains, dunes, lagoons and coral reefs; its man-made beauty incorporates museums, ancient
ruins, subterranean chambers, fortresses and Arabic architecture.

* There are vast amounts of untouched land in Oman, which the country’s rulers promise to keep clear of skyscrapers and over-development.

* With unbeatable local knowledge and over fifteen years’ experience, you can be sure you’re in safe hands when you decide to purchase in Oman.

* The stunning, dramatic landscapes surrounding the sparkling azure waters of the Gulf of Oman act as a striking backdrop to an architectural heritage spanning 5,000 years.

* Today, Oman enjoys political, economic and social stability, enhanced by excellent relationships between its neighbouring countries. And as tourism to the Sultanate grows significantly, Oman is also making
a name for itself on the international
property map.

* And there’s really never been a better time to buy in Oman. Foreign ownership rights, which were formerly restricted to GCC nationals only, now include non-GCC nationals as well – a move guaranteed to significantly increase demand.

* The growth in demand for both residential and commercial real estate is increasing daily. But finding the best ways to go about investing in property, while taking care to avoid the potential pitfalls, requires the help of a locally based expert.

* Ali Al Maimani, director of Vision Real Estate Investments benefits from over fifteen years’ experience in advising thousands of clients on the most efficient methods to purchase land and property in the State – so you can be sure your property purchase in Oman is in the safest possible hands.

* Aside from the peace of mind this brings, prospective buyers will also benefit from Vision Real Estate’s extensive client base and wealth of contacts, which all combine to ensure that all your requirements are catered for professionally and courteously – our long-term loyal customer base is testament to the success of this philosophy.

* Whatever it is you’re looking for, whether you require a house, an apartment or a plot of land, commercial or retail space, you can be sure that Vision Real Estate Investments can help.

* By offering a high quality bespoke service uniquely tailored to your exact needs, Vision Rea Estate is guaranteed to help you fulfil your property-buying dreams in Oman.

www.alireality.com
Email: ali@alireality.com
Telephone: +968 9508 5030