Saturday 04 / January / 2025
Muscat: The Public Services and Utilities Committee of the Shura Council hosted representatives from the Ministry of Housing and Urban Planning to deliberate on the proposed Real Estate Regulation Draft Law referred by the government.
The meeting began with an overview of the ministry’s efforts to advance the real estate sector and the challenges it faces in Oman.
Key provisions of the proposed law were then discussed, focusing on its capacity to address these challenges and streamline processes related to real estate development.
Discussions included mechanisms and criteria for granting developers ownership of parts of project lands, emphasising the importance of transparency and creating an investor-friendly environment.
The committee also explored handling delays or failures in project completion, reviewing provisions related to licencing and penalties to safeguard the rights of all parties involved.
The committee members raised questions about the feasibility of establishing a specialised committee to oversee real estate projects, particularly those delayed or stalled.
They also discussed the potential creation of a real estate stock exchange for listing and trading shares and indicators in the sector.
A critical point of inquiry was the law’s omission of mandatory or incentivised use of renewable energy and eco-friendly materials in real estate projects, given the sector’s significant potential in this area. The committee stressed the need for implementing a green building code for all structures in Oman and establishing environmental, urban, and economic planning standards before distributing residential lands.
They highlighted the rapid urban growth in Muscat Governorate, which increased by approximately 23% recently, leading to encroachment on Wadis and other natural areas.
These discussions are part of a series of meetings and consultations by the committee to thoroughly examine the Real Estate Regulation Draft Law before presenting it in upcoming council sessions.
The proposed law aims to create a transparent and well-regulated environment for real estate transactions, ensure investor and consumer protection, enhance the capabilities of the local real estate market, and boost investment and construction activity in Oman.
The meeting was chaired by Dr. Hamoud Ali Al-Yahyaei, Chairman of the Public Services and Utilities Committee, and attended by committee members.
