The property in Oman is nowhere near as flashy as in neighbouring countries, but there are still many high-end developments. Oman's aim was to increase its number of affordable luxury accommodations (if you can believe the contradiction in that statement). Instead of towering blocks of apartments and sprawling villa developments, you'll find low-density communities of one- and two-storey villas, duplexes, and small apartment buildings.
During the financial crunch in 2008, some developments lost funding and slowed to a crawl. After the crunch, they picked up again with financing from new investors, but many projects became more modest and included more apartments.
Where can foreigners buy property in Oman?
The Sultan of Oman, Qaboos Bin Said Al-Said, allows foreigners to purchase land in designated areas. These areas are called integrated tourist complexes (ITCs) and include Blue City, Barr Al-Jissah, Muscat Hills Golf and Country Club, Salalah Beach Resort and the Wave. Not surprisingly, almost three-fourths of property owners in ITCs are non-Omani nationals.
Upon receiving the deeds for their property, non-nationals may apply for a residence visa which is valid for two years and renewable. Visas may extend to immediate family members.
Prospects for the Omani property market
The housing market may not have been as profitable as the markets in Dubai or Qatar in the past. However, Oman's market is directed towards people who want to reside or have a second home in Oman instead of people who want to make a quick profit.
As with any property purchase abroad, you should be careful when investing. Do your homework, speak to independent professionals, and get advice from other expatriates before you make any big decisions.