MUSCAT: The Shura Council has outlined that the primary aim of the new real estate law is to establish a consistent and coherent regulatory framework for the sector. By creating unified legal provisions, the law seeks to regulate the development and stability of Oman’s real estate market while providing clear mechanisms for oversight and governance. This framework is designed to encourage and attract investment, ensuring that the sector aligns with national economic goals and evolving market needs.
The law introduces detailed provisions for licensing and regulating real estate professionals, including brokers, appraisers, and developers. It also strengthens the Ministry of Housing and Urban Planning’s oversight role, allowing for more effective governance of real estate activities and associated professions. By formalizing processes and responsibilities, the law aims to enhance transparency and accountability, contributing to greater confidence among investors, businesses, and the general public.
In addition to professional regulation, the law addresses the organisation of owners’ associations and related bodies within the real estate sector. It aims to harmonize standards and practices across all relevant activities, including brokerage, appraisal, and property management. This ensures consistent service quality, legal clarity, and protection for property owners, developers, and other stakeholders, ultimately supporting long-term sector growth and stability.
The introduction of the law also involves the repeal of previous legislation, including the Real Estate Brokerage Law (Royal Decree No. 78/86), the Apartment and Floor Ownership System (Royal Decree No. 48/89), and the Real Estate Development Projects Escrow Account System (Royal Decree No. 30/2018). The law underwent extensive legislative review and public consultations through Shura Council committees before finalisation, reflecting a comprehensive approach to modernizing Oman’s real estate regulatory framework and ensuring it meets current and future market demands.
