Oman has announced that it will build more than 5,000 new homes for expats to buy, under its Integrated Tourism Complex (ITC) project plan.
The announcement forms part of government plans to create more ITCs, which are currently the only areas in which non-Omanis are permitted to purchase property.
The strategy is designed to facilitate Oman's economic diversification efforts, reducing the country's dependence on oil and gas revenues.
Five ITC projects, comprising 5,000 units in total, are currently underway in Oman. Each of these zones will include hundreds of homes for buyers of all nationalities.
Commenting on the development programme, Mubarak bin Hamad Al Alawi, advisor of legal affairs at Oman's Ministry of Tourism (MoT), told 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 received a number of applications. The total investment required for the new tourism projects through the Omani Tourism Strategy (2016-2040) is between $2bn (OMR936m) and $46bn (OMR18bn), of which 88% of these investments are through the private sector and have been approved, while others are in the development stages.”
Oman's ongoing ITC projects include Diyar Ras Al Hadd Resort, Omagine, Quriyat Integrated Project, Naseem Al Sabaah Project, and Al Nakheel Project.