Integrated Tourism Complex (ITC) projects to cost over $10 billion
Oman plans to invest $10.39bn into developing new housing units for expatriates to purchase. Over 5,000 homes will be constructed under five Integrated Tourism Complex (ITC) projects, per a news report published by the Times of Oman.
At present, non-Omanis can only purchase property within ITC developments; however the government is also working to create additional projects, as part of its strategy to diversify the country’s economy away from oil and gas.
Five ITC projects have been announced including the Diyar Ras Al Hadd Resort, Omagine Project, Quriyat Integrated Project, Naseem A’Sabah Project and Al Nakheel Project.
Mubarak bin Hamad Al Alawi, advisor of legal affairs at Ministry of Tourism (MoT) told the Times of Oman, “Oman has taken a positive step by opening up the real estate market to Omanis, GCC citizens and other nationalities. The government has received a number of applications.”
The Diyar Ras Al Hadd Project will feature 700 residential properties, while the larger Omagine Project will have more than 2,000 homes. Naseem A’Sabah in Seeb will have more than 1,200 residential units, and will also include five star hotels, retail areas and a yacht club. The Al Nakheel Project in Barka will include hotels and hotel apartments, 1,436 residential apartments, villas and houses, all of which can be purchased by expatriates and citizens.
Al Alawi said that a royal decree now allows non-Omanis to own land and units in the Integrated Tourism Complexes, which are certified by the related entities in the Sultanate. Ownership is allowed for residence and investment, as long as it doesn’t violate the country’s regulations.