The Ministry of Housing of the Sultanate of Oman has announced that real estate companies will now have to pay fees to secure permits to work in the property market. The new fees for are for both issuance and renewal of property brokerage permits. 

The decision, issued by Shaikh Saif bin Mohammed al Shabibi, Minister of Housing, stipulates that registration card for property brokerage will differ depending on the governorates. Real estate brokerages based in the Muscat governorate will be required to a RO 500 fee, whereas those based in the other areas will neeed to pay RO 300. The renewal fees will differ also, with RO 200 payable annually in Muscat while those outside of Muscat will be subject to RO 100 per year. The regulation is aimed at reducing the number of random, unlicensed brokers and reiterating the importance of transparency in property transactions.

Regarding the new regulations, Mohammed Al Busaidi, chairman of the Oman Real Estate Association said, “This is part of the plan to regulate the market, since now it will only be possible for permitted brokers to carry out transactions in the real estate market.”

“Not everyone can conduct business in the market anymore. Such regulations will control the market and also help in developing a better atmosphere for companies and permitted brokers,” Busaidi added.

He ensured that in return, the Ministry of Housing will provide services for the licensed companies and individuals. “An internet connection will be provided for companies by the ministry of Housing so they can finish any transaction from their offices, without the need to go to the ministry building,” said Al Busaidi.

He added that this regulation will result in trustworthy real estate companies which the Ministry of Housing can rely upon to evaluate properties in the future.

“Individual brokers will have to pass a course in order to be permitted by the Ministry. The profession is becoming more organised and, therefore, everybody working in this market should be up to a certain level of experience and knowledge,” said Al Busaidi.

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