The National Urban Development Strategy is an urban guide for development in the Sultanate of Oman for the next 20 years, with objectives based on development and sustainability.
The strategy takes into
account the geographical,
natural and societal diversity of the various governorates in the country.
Trading Value
Speaking at the Oman Design and Build Week (ODBW) and Oman Real Estate Exhibition, Dr Khalfan bin Said al Shueili, Minister of Housing and Urban Planning, said: “Considering the diversity of the various governorates of the Sultanate of Oman, the value of real estate trading recorded an increase of 4 per cent to reach RO 2.5 billion in in 2021.”
He added that the Sultanate of Oman attaches great importance to real estate development, as it comes among the five most influential sectors of the global economy.
The minister pointed out that real estate development as an industry provides nearly 120 other industries such as contracting, marketing, facility maintenance and management, and other areas,
The value of real estate trading in the Sultanate of Oman grew by 4 per cent in 2021 to reach RO 2.5 billion compared to the year 2020, pointed out Dr Khalfan, who explained that efforts being exerted to make this sector more influential in achieving economic development and urban development alike.
He said that the ministry through the real estate development law seeks to open new areas for investment areas, which include allowing expatriates to own property, in addition to allowing investments in Sorouh Integrated Residential Neighbourhood Project.
The plans to allow plots for integrated fuel stations on highways and expressways also offer investment opportunities for real estate developers, apart from benefiting the users.
The Ministry of Housing and Urban Planning has also launched the soft run of its digital services platform.
Speaking on the occasion, Asim bin Mohammed al Zadjali of Oman Real Estate Association, said that fee collected from real estate trading increased by 18 per cent to RO 84 million.
Al Zadjali said fee collected from real estate trading increased by 18 per cent from RO 71 million in 2020 to RO 84 million in 2021, and the number of legal transactions in 2021 increased by 29 per cent from 125,000 in 2020 to 161,000 in 2021. On Average, 600 legal transactions are conducted daily.
Oman Design and Building Week is expected to receive 9,000 visitors daily, with the participation of 13 countries displaying over 2,500 products.
As many as 9,000 visitors are expected to attend this event, with the participation of (13) countries
@vinot_nair
