Registration system will stimulate interest in real estate development, ministry says
Oman’s Ministry of Housing has announced the launch of a registration system to create a real estate database of the Muscat governorate.
According to a report by Muscat Daily, the economic objectives of the registration system are to stimulate investment in real estate development, and to increase the contribution of the construction and real estate development sector.
The move aims to register buildings and properties under the system and the ministry has already sought views on the possible outcomes that could be taken into consideration, the report added. Applications be received from October 1, 2019, with the system aiming to create a comprehensive database of real estate properties in the Muscat area, it said.
The new system will regulate the relationship between residents of the units located under joint ownership, which is subject to the ministry’s supervision of the rules, regulations, control mechanisms and systems of facilities management services and residential complexes in order to preserve the rights of all parties, it added.