Property purchase in Oman is sound investment, says real estate expert

Property Consultant of Muscat Golf & Country Club talks of steady market growth

Oman is likely to see at least a 15% value growth per year for its quality real estate over the next few years,” says Chris Steel, General Manager, Hamptons International Oman, the company responsible for residential sales of the stunning Muscat Golf & Country Club.

In a recent interview, Steel advised that land prices throughout the Sultanate have been consistently increasing over the last 12 months and this looks set to continue. Demand for property, including rentals is outstripping supply and this forms a solid base for general price escalation. Unlike its neighbours in the region, Oman has been keen to encourage actual end users for its properties and to a large extent has discouraged speculators from entering the market. Ultimately, this will ensure price solidity. Steel said, “As Oman evolves from an oil dependant to a multi-diversified country, the time to buy could not be better as the growth has started and looks likely to continue. There will be expansion across all industry sectors and as tourism becomes one of the main growth areas, more and more people will come to know of Oman’s appeal and want to invest here.”

Muscat Golf & Country Club is the first project in Oman, available to both domestic and foreign buyers. As part of the initiative of the Sultanate to become a leading force in global premium tourism, Muscat Golf & Country Club represents a quantum leap forward in providing a self contained residential cum golfing community. With just 160 residential units surrounding what is likely to become the region’s most famous golf course, Muscat Golf & Country Club is the ideal location to combine scenic mountain splendour with a world class sporting facility and luxurious residential villas and apartments.

“The development’s uniqueness is in its natural mountainous beauty, yet it is situated in a most central and accessible location, a mere 5 minutes drive from the international airport .It offers owners the possibility of becoming resident in what is set to become Muscat’s ‘premium address’. Front line golf property of this nature is much sought after worldwide and as several buyers have stated, if the property was in southern Europe you would ‘add another zero to the price’”, added Steel.

In terms of the ongoing debate of freehold foreign ownership, Steel is quick to dismiss criticism from the cynics. “As far as the Ministerial Decree is concerned, a non GCC National can now legally own property in Oman, subject to it being located in a tourism designated development. We are awaiting the publication of the various elements that go with it, vis à vis residency visas, inheritance rights and so on. So far the Ministries have been very progressive in their approach to this and the documentation is expected soon.

“It is of particular interest that Oman is the first country in the region to formally allow freehold ownership for foreigners and having watched its neighbours carefully over the last few years, appears to have addressed all the issues of concern to both its own nationals and those foreigners wishing to buy here,” concluded Steel.

Endorsed by the Ministry of Tourism, Muscat Golf and Country Club is a haven of luxury and security for all the family, which is reflected in the style of the lavish two bedroom apartments, penthouses and the three, four and five bedroom villas.