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Real Estate Oman
10 october 2011, oneoman.com
A robust economy is driving demand in the residential real estate sector in Oman, according to the quarter three report from surveyors and valuers Cluttons published today (Monday October 10).
t points out that the Oman economy is continuing to grow buoyed by high oil prices and as employee numbers in the private sector have grown by 20.7% from 2008 to 2010 there is huge demand for properties.
Tenant expectations are dictating the current rental trends in the housing market and a two tier residential property market is developing as a result of tenant requirements.
Despite the impact of the global recession, indicators suggest that Oman’s economy is expected to recover and grow with government income rising to RO5443 million in the first half of 2011.
Cluttons notes, however, that this 29% rise in income can be mostly attributed to the increase in oil revenues. In addition, strong employment figures for both Omani and expatriate employees in the private sector indicate that the Oman economy is in good health.
Demand in the residential rental market in Muscat has remained steady with the expectation that it will rise as the economy continues its recovery.
Established, central areas such as Qurum and Madinat Qaboos remain extremely popular while the coastal areas of Azaiba and Ghubrah North have become increasingly attractive with significant development over recent years. ITC developments such as The Wave and Muscat Hills show strong demand while the Bausher area is very much up and coming.
Whilst location still very much dictates desirability, Cluttons notes that properties with superior design, thoughtful planning and high grade facilities are in high demand. It is apparent that tenants are willing to compromise on size and even location rather than on quality.
Cluttons concludes that it foresees a two tier market trend developing. ‘This trend will see well designed properties showing relatively stable rental values and high occupancy rates, whilst less well designed and built properties show declines in both rental values and occupancy,’ says the report.
‘With positive government figures and an encouraging residential outlook, it is clear that Oman is looking robust but is still heavily dependent upon oil revenue as its main income,’ it adds.
Blue City project to attract 2million tourists
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A multi-billion-dollar tourism project by far the biggest of its kind undertaken in the country's history, is expected to bring in more than two million tourists annually.
'The Blue City' is located at Al Sawadi, some 100 kilometres northwest of capital Muscat can be reached in just 30 minutes from the international airport. The mega scheme, launched in June, will be completed in several phases over a 15-year period. When completed, the development will accommodate 250,000 people, creating a new community, meeting all the needs of its residents that will include education, health, communications, shopping and entertainment facilities.
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Phase one will cover 5.5 sq. km and will involve three five-star hotels each with some 200 rooms, one golf resort hotel within a double 18-hole championship golf course and a tourist village with a contemporary Arabian souq and nearly 1,000 apartment units and a heritage museum.
Source: The Khaleej Times
The Wave project
The Wave, Oman’s huge tourism and beachfront residential development, has been oversubscribed by nearly 20 times.
An integrated waterfront development, The Wave, Muscat is a joint venture comprising Oman’s Waterfront Investments, which includes the Government of Oman, the National Investment Funds Company, which represents the Omani Pension Funds and State General Reserve Funds, and the UAE’s Majid Al Futtaim Investments. The first residential sales will include waterfront villas, garden villas and townhouses.
The Wave Muscat will be one of the very first projects in Oman that will be entitled to offer full freehold property rights to all buyers. This unique opportunity has been made possible by the passing of a Ministerial Decree with royal assent in November 2004, which allows foreign nationals to own real estate within government-recognized tourism projects.
The government is currently finalizing the regulations and zones within which the new law will apply. Once decreed, the new law will permit freehold ownership of residential property by all foreign nationals, including full rights of inheritance and residency status for landowners and their immediate family members.
This is great news for the large number of expatriates who have long enjoyed the lifestyle in the Sultanate. The Wave, Muscat will share this opportunity and present to nationals and expatriates alike, a chance to own some of the finest beachfront real estate in the heart of the country’s capital.
Sales Office Muscat
Existing customers: Email customerservice@thewavemuscat.com
Call on +968 24534444 or Write to The Wave Muscat SAOC, PO Box 87, PC 118, Oman
If you're interested in finding out more about owning a property on The Wave, Muscat, please visit thee Sales Centre or call +968 24545428 or visit the website at www.thewavemuscat.com.
Barr Al Jissah Resort and Spa
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The $207 million Barr Al Jissah Resort and Spa, Oman's first integrated tourism project of the country has not only taken a key step forward in its ambition to claim a prominent position on the world holiday map, but also, in one stroke, helped overcome a lingering hitch — shortage of luxury tourist accommodation. The amazingly beautiful exclusive resort, which boasts one six-star and two five-star hotels, has just presented a total of 680 rooms and suites to the Sultanate's bourgeoning hospitality industry, more than doubling the count of luxury hotel rooms in capital Muscat.
The resort, whose unique design is based on Omani, Arab and Islamic architectural heritage. The property, a 60:40 joint venture between TZC and the government, and justifiably claimed by its developers as “a pioneering step in promoting Oman as a prime and distinct international tourist destination”, consists of three completely different and separate hotels. While the ‘Al Waha’ (302 rooms and suites) projects the features of Omani towns and villages, the family-oriented ‘Al Bandar’ (198 rooms and suites) reflects the architectural beauty of Muscat and Muttrah, especially the sea-front of Muttrah.
The six-star ‘Al Husn’, said to be Oman's most luxurious hotel that boasts 180 rooms and suites and offers highly personalised service to guests, manifests in its exterior the shape of the country's castles and forts, and its interiors a combination of Arab and Islamic architecture characterised by details and beautiful colours.
All rooms in the three hotels are sea facing and overlook a total of 580 metres of beach area. The CHI Spa Village facilities will include a spa — with eight large and four single private villas, three fresh water swimming pools with a total of 6,000 square metres of water, two of them inter-connected with a unique ‘lazy river’ and 19 food and beverage outlets, including six main restaurants, seven casual dining outlets, three lobby lounges and a nightclub. It will also have extensive conference facilities, four tennis courts, a heritage village and a host of water sports, including dolphin and whale watching.
Source: The Khaleej Times
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Development of Barr Al Jissah Residences, a premium boutique waterfront residential development located near Shangri-La's Barr Al Jissah Resort & Spa, has commenced, according to the promoters. Sales commenced on May 26, 2007 of 86 specially designed luxury residences in four separate areas of Barr Al Jissah.
The residences range in size from 1 to 6 bedrooms, and all are luxuriously appointed with every amenity needed for modern living. For boating enthusiasts the residences named 'Sailing' are situated on the marina itself; 'Dawn and Dusk' are named for their ambience and the views their occupants will enjoy. 'Dusk' is located above the marina facing the sea and the 'Dawn' residences are nestled into the mountains overlooking the resort and the ocean.
The jewel in the residential crown is the site known as 'Pearl'. These villas will enjoy the most sought after location, on a secluded beach adjacent to Al Husn, the Resort's 6-star luxury hotel. Contracts were signed recently with PRDnationwide to handle sales and marketing for the project, and with L&T (Oman) to undertake the construction. PRDnationwide have already contributed a range of technical and research-based services, including feasibility studies, market research, buyer profiling studies, pricing and design-based input. PRD have developed an enviable reputation as a leader in their field and undertake research services to obtain essential information that determines market requirements, and they conducted valuable early consultations on the project to assist with ensuring the best possible product and lifestyle for potential purchasers. James Fox, Managing Director of PRDnationwide, said, "We are extremely excited to be involved in Oman's first premium boutique waterfront residential development, which boasts a truly unique and irreplaceable location and investment opportunity." In addition to PRDnationwide and L&T (Oman), a large team of other professionals is working together on every stage of the development to ensure construction is to the highest quality so as to satisfy even the most demanding buyer. Turner Construction International LLC is managing the project, which has been designed by WS Atkins International & Co, who are also supervising the residences. Hanscombe International are acting as cost consultants, Landscape Designs are the landscape consultants, and LJW Design Consultants are working on the interior design. Shangri-La's Barr Al Jissah Resort & Spa is known for its environmental awareness, and Five Oceans LLC has been engaged to undertake an environmental study on the marina. Jetty pontoons for the marina have already been supplied by Septech Emirates and TBWA\ZEENAH has responsibility for advertising.
Other projects: http://www.omagine.com
Inquiries regarding the residency of expatriates purchasers and owners to residential units in integrated tourism complexes
1. What type of visa that could the purchaser and owner of land unit avail and what are the visa's application fees?
There are three types of visas:
First: multiple entry visas
This type is issued without sponsorship to the expatriate purchaser to plot prepared for construction or readily constructed unit that await registration procedures at one of the integrated tourism complexes.
It is permissible to issue such visa to the purchaser's next of kin family members i.e. (spouse, children, mother or father) as well as the legal representative for the nominal person (company) purchaser of the plot or land unit, and maximum to two natural persons.
The multi entry visa is valid for a period not less than six months and not more than a year that is renewable for another similar period.
This visa authorizes its holder to enter and stay in the country for a period not exceeding three weeks each single visit.
The fees for this visa are (R.O 50) Rials Omani fifty only.
The application to avail this visa should be through the land unit purchaser personally or his attorney or the Administration of the integrated tourism complexes.
Second: owner's visa:This type is issued without sponsorship to the expatriate who owns a constructed unit registered under his/her name in one of the integrated tourism complexes. It is also permissible to issue the visa to two natural persons that legally represent the land unit owner subject that such owner is of nominal entity.
The visa should be used within a period of six months from the date of issue, with fees amounting to (R.O 50) Rials Omani fifty only.
The expatriate issued with the owner's visa, or his legal representative, might apply to the relevant authorities to avail owner's residency in accordance with the expatriates residency code with its respective regulations.
Third: Owner's joining visas:
Such visa is issued without local sponsorship to the expatriate's spouse owner of the land unit allotted with owner's residency in the Sultanate, and also could be issued to the next of kin, members of the family and the visa should be used during a period of six months from date of issue.
The fees for the visa amount to (R.O 50) Rials Omani fifty only.
It is obligating to apply through relevant authorities in order to get owner's joining residency according to the expatriates' residency code with its respective regulations.
2. Is it possible to renew owner's residency or owner's joining residency? And what is the cost of renewal fees?
Yes, the owner's residency or owner's joining residency is renewable. The application should be submitted directly by the expatriate owner of land unit.
The fees for renewal amount to (R.O 50) Rials Omani fifty only.
3. When would the expatriate's residency expire in the Sultanate?
The residency of expatriate owner of land unit in the integrated tourism complex would terminate should he/she disposes of such land unit through any legal procedures resulting in ownership title transfer, and as such this would also terminate the stay permit of accompanied spouse, children and other family members.
4. Would there be any penalty clause imposed in case of the residency not being registered or renewed or not departing by the expiry of multi entry visa?
Yes, there are imposed fines as follows:
Rials Omani fifty only for each month against non registration of residency. Rials Omani fifty only for each month against non renewal of residency without excuse or justification. Rials Omani ten only for each day in case of not leaving the country upon expiry of multi entry visa.5. Where can visas be obtained, and where residency is registered?
The visas could be obtained and registered through the relevant department in the Royal Oman Police (General Administration for Passports and Residency) or one of its branches.
6. Who are the representatives of nominal persons that have the right to avail multi entry visa or owner's visa?
Two persons at maximum as representatives of nominal entity would be authorized the issue of multi entry visa or owner's visa. This is applicable to the following job titles (chairman of the board, chief executive officer, director general and financial director).
7. What are the documents required for the issue of multi entry visa?
A letter from the promoter of integrated tourism complex verifying that the visa applicant is a purchaser to a plot prepared for construction or a constructed unit which yet to be registered and such letter to be attested by the Ministry of Tourism. Copy of the applicant's passport valid for three months at least. Two personal photographs for the visa applicant. 8. What are the required documents to get owner's visa?
The following documents should be attached with the application for visa:
Copy of title deed and survey sketch of the land unit. A letter from the promoter of integrated tourism complex denoting that the visa applicant is owner of construction completed land unit and such letter to be attested by the Ministry of Tourism. Copy of the applicant's passport valid for three months at least. Medical check certificate confirming that the applicant is free of contagious diseases (applicable to citizens of countries subjected to such medical check). Two personal photographs for the visa applicant. Copy each, of commercial register documents for nominal entities, attached with a letter from the company requesting issue of residency to personnel authorized by the company.9. What are the documents required for issuing owner's joining visa?
The following documents should be attached with the application for visa:
Copy of a valid stay permit to the spouse. Copy of wedding certificate authenticated by relevant authorities. Copy of the visa applicant's passport and two photographs. Attested medical check certificate for the spouse, father, mother and children of 15 years and above.(children who are issued with owner's joining residency are exempted from age provision, in accordance with the last paragraph of article 26 of the expatriates' residency code regulations).
10. What are the required documents for family members of land unit purchaser (spouse, children, father and mother) to be issued with multi entry visas?
The required documents to authorize the land unit purchaser's family member's multi entry visa are as follows:
Spouse: submit an application form affixed with a copy each of the spouse's visa and contraction of marriage in addition to copies for both passports and two personal photographs. Children: submit an application form affixed with a copy of his/her visa, a copy of passport and two personal photographs for children, together with copies of children' passports. Parents: submit an application form affixed with a copy of his/her visa in addition to copies of parents' passports and two photographs for each. 11. What is the type of required medical check?
A medical check by a medical facility attested by Ministry of Health (that confirms the person being free of contagious diseases) and this is applicable to the countries that relevant citizens should be subjected to medical check, which are exclusively determined.
Medical checks could be done in the private hospitals provided with such facilities. (A list of these institutions' names is attached).
12. What are the rights enjoyed by the land unit purchaser?
The purchaser of land unit enjoys all similar rights of the resident in the Sultanate, thus has the right to get a housemaid, get medical care in private hospital, variable insurance services, opening bank accounts, buy vehicles and boats etc, and that will be in adherence to the provisions and rules valid in the Sultanate as might be stipulated by relevant authorities.