Rent Vs Buy

BUYING REAL ESTATE IN OMAN
Purchase of Real Estate is restricted to Omani and GCC nationals. However, proposed legislation will allow expatriates to own property in Oman for the first time. Details of expatriate property ownership have not been finalized. There will be restrictions and conditions applied. Expatriates will be able to own property in tourist designated areas as Freehold Properties. New developer built schemes of villas, apartments, shopping; facilities like swimming pools, health clubs and even golf courses are proposed in anticipation of this new law.  For more information on the some developer  projects, view our  EXCLUSIVE PROPERTIES.   

RENTING IN OMAN
The rental market has not suffered because of Omanisation. The increasing expatriate numbers create a steady demand for better quality properties for rent. Potential homes should be chosen after checking proximity to mosques, rubbish bins, schools, airport flight paths (for the light sleeper!) and upcoming development around your new home.

LEASE
Choose your new home carefully as most leases in Oman are for 1 year. The penalty for breaking your lease agreement is the loss of your deposit and the remainder of your rent. 

Personal lease: Residents are allowed to take a personal lease. You will need a copy of your visa and passport, a NOC from your company, a copy of your salary certificate, a signed rent cheque and up to 3 post dated cheques to cover the remainder of the years rent.  

Company lease: You require a copy of the companies trade license, passport copy of the person signing the rent cheque and of course the rent cheque itself!   

The lease is registered with the relevant municipality by the land lord. The registering of leases showing rental as less than the actual is against the law. In these cases the tenant has no protection in case of a dispute. Rent disputes are handled by the Ministry of Justice (24 697 699) who assists both the tenants and the landlords. 

OTHER RENTAL COSTS
The tenant usually pays for all the utilities like gas, water, electricity. Click here for more information on Utilities. 

Other rental costs to be considered are a 3% municipality tax and a (refundable upon vacation of premises) deposit. Also if your villa has a garden your water cost will be higher as plants need to be watered everyday at the very least in the Omani summer.