Oman’s SEZAD implements new real estate regulation
The new regulation aims to boost the authority’s efforts to encourage the private sector to invest in real estate development projects
The Duqm Special Economic Zone Authority (SEZAD) has commenced the implementation of a new regulation that will govern real estate development in the economic zone.
The regulation is reportedly aimed at boosting the authority’s efforts to attract investments and encourage the private sector to invest in real estate development projects, such as tourist complexes and residential and commercial buildings.
According to Oman News Agency (ONA), the regulation stipulates that the land area allocated to developers will not be less than 100,000m2 per project, to make sure they can provide many facilities for the residents.
The regulation further stipulates that usufruct terms cover 50 years and be renewable for similar periods. SEZAD said that is expecting the requirement to provide stability to Duqm workers and residents.
Ismail bin Ahmed al-Balushi, the deputy chief executive officer of SEZAD, explained that with real estate projects receiving greater interest from investors over the years, SEZAD saw the need to regulate the use of state-owned lands for real estate developments and to clarify the sale of usufruct rights of real estate units.
With the regulation, SEZAD is also seeking to establish the obligations and rights of developers, as well as encourage citizens and foreigners to stay in Duqm by allowing them to purchase the usufruct rights offered by real estate developers for sale, ONA reported.
The news agency also noted that the regulation allows the usufructuary of real estate units to form and manage associations that include a group of neighbouring properties. The association shall maintain the safety of the property, its common parts and its annexes, and ensure its maintenance, the provision of the required services for the property, and the optimum use for the purpose for which it was established.