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Alanya, Turkiye
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Bodrum, Turkiye
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Istanbul (Beylikduzu), Turkiye
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Istanbul (Beyoglu), Turkiye
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Istanbul (Kucukcekmece), Turkiye
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Istanbul (Wadi Istanbul), Turkiye
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Alanya (Demirtas), Turkiye
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Alanya (Ciplakli), Turkiye
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Alanya (Bektas), Turkiye
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Alanya (Avsallar), Turkiye
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Alanya (Avsallar), Turkiye
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Istanbul (Bahcesehir), Turkiye
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Istanbul (Beylikduzu), Turkiye
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Antalya (Duzlercamy), Turkiye
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Alanya (Payallar), Turkiye
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Antalya (Altintas), Turkiye
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Istanbul, Turkiye
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Antalya (Kepez), Turkiye
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Antalya (Konyaalti), Türkiye
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Bodrum, Turkiye
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Bodrum, Turkiye
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Izmir (Bayrakli), Turkiye
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Alanya (Avsallar), Turkiye
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Alanya (Oba), Turkiye
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Alanya (Incekum), Turkiye
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Alanya, Turkiye
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Alanya (Konakli), Turkiye
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Antalya, Turkiye
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Alanya (Incekum), Turkiye
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Antalya (Altintas), Turkiye
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Antalya (Altintas), Turkiye
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Antalya (Konyaalti), Turkiye
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Antalya (Altintas), Turkiye
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⇑ 216,8k $
141 800 $

Profitable investments in real estate in Oman in 2024

Investing in real estate has remained for many years a stable investment tool with the right direction and strategy. 

The past 2023, on all platforms and forums dedicated to international real estate, much attention was paid to a relatively new location - Oman.

However, before making a decision, you first need to assess the current state of the economy and the prospects for its development for several years ahead in all areas affecting the development and growth of the real estate market.

In this article we will analyze the main aspects in terms of the investment potential of the Sultanate for those who decide to purchase real estate in this country.

Tourism course

One of the important factors in the growth of the construction sector and real estate market in Oman today is the diversification of the country’s economy across target sectors. In this way, the Sultanate reduces the dependence of its economic development to a greater extent on oil sales in the face of severe global pressure on prices and the exhaustibility of the resource.

“The key direction is definitely the development of tourism, and this is a very correct approach. Until 2025, $5.4 billion will be invested in tourism projects in Oman, such data is published by the Ministry of Heritage and Tourism of Oman. And these are not only entertainment facilities and complexes, but also a wide hotel infrastructure. It seems that this will be a worthy competitor to the UAE and rental yield promises to be at a decent level,” clarifies the chief analyst at VelesClub Int. Ksenia Shamitko

For the status of a “tourist mecca,” the country has not only state support and funding, but also excellent natural and climatic conditions: due to the milder climate, the season is considered year-round. The unique nature impresses with the beauty of mountains, date and pomegranate gardens, the azure color of the sea, snow-white beaches and natural waterfalls.  

High potential for starting a business

With still low competition in a number of business sectors and a relatively low entry threshold, Oman provides good opportunities for an easier start in relocating a current business or opening a new one. The most attractive areas will be production and logistics.

Moreover, foreign trade does not depend on the United States and is largely structured with the UAE, Saudi Arabia, Qatar, South Africa, India, and China. In the current geopolitical situation for investors from the Russian Federation, such a scheme of foreign trade relations minimizes the likelihood of introducing bans or restrictions related to Russian investments.

“The Sultanate is becoming more open to foreign investment, and this is significant. For example, the “Law on Foreign Investment” provides a set of benefits, incentives and guarantees for foreign investment projects,” emphasizes General Managing Partner and Founder Sergey Tumanov.

Freedom of action

In addition to excellent prospects for tourism and business, Oman provides investors with tax incentives and additional financial opportunities, including as a resident of the Sultanate.

  1. In 2023, Oman and the Russian Federation signed an agreement to avoid double taxation.
  1. The total costs when purchasing real estate from a developer are divided into 2 parts: 5% VAT when purchasing real estate and stamp duty in the amount of 3% of the contract price when putting the property into operation. But there are projects when the developer exempts the buyer from paying the registration fee. At the same time, in Oman there are no taxes on sales, rental income, capital gains and inheritance.
  1. It is enough to deposit 10% of the property value into the developer's account to open an account in a local Bank. The account is opened in person, in rials and gives access to all financial markets - including Europe, the USA, the Middle East and Asia in general.
  1. There is also no minimum threshold for investment in real estate for the opportunity to obtain a residence permit (resident visa). But with growing interest in this country, it is likely that these conditions may be limited over time.

What benefits does a residence permit holder receive:

  • open a multi-currency card;
  • sponsor visas for relatives at the invitation of the residence permit holder;
  • conclude real estate transactions outside tourist integrated complexes;
  • work without the guarantee of a local sponsor;
  • hire local residents to work for your company;
  • no requirements for the number of days of stay in the country

An important point that must be taken into account in accordance with investment goals is that you can apply for a residence permit only after the complex has been put into operation. However, after the first payment, while your invisibility is being built  you can obtain a multiple-entry visa for unhindered entry into the country.

  1. Two other important factors that deserve your attention when considering investing in Oman are security and currency stability. Personal, property, and financial security are at the highest level here, while the ability to work with the developer through escrow accounts guarantees the reliability of a secure transaction. As for the local currency, the Omani Rial is the most reliable unit of income for an investor. It is 2.6 times more expensive than the dollar and has been fixed since the 1970s.
  1. Issues of inheritance of property located in free zones are carried out according to the rules of the country of citizenship of the owner, and not according to Sharia law. This is rare in any country.

Best areas for investment in Oman

The opportunity for foreigners to buy real estate in the Sultanate of Oman appeared relatively recently. And, despite the country’s openness to foreign investment, full ownership of real estate can not be purchased everywhere, but only in integrated tourist complexes (ITC), or for those who are more familiar - Freehold zones.

According to Ksenia Shamitko: “Such a limitation plays in favor of the investor. Today, ITC represents large-scale projects of apartments and villas with a rich internal infrastructure: 5* hotels, shops with world brands, bars, restaurants, yacht marinas, golf clubs, water parks and much more. And it is precisely this concentration of points of attraction for residents and guests of the country that provides the maximum return on investment.”

The main Freehold zones are located in the main investment locations of Oman - Muscat and Salalah. We expect that with the further growth of the real estate market, such zones will only expand.

Salalah is a chic coastal resort town, the second largest in Oman, ranked 26th in the world and 2nd among Arab countries in the ranking of the best tourist destinations according to The New York Times. The city attracts local and international tourists all year round. Residents of the Middle Eastern countries prefer to vacation from spring to autumn, and in the winter, mainly guests from Europe. Since Salalah real estate is absolutely a resort, it is ideal for short-term rental, either through a service management company or independently through aggregators such as Booking or Airbnb.

Muscat the capital of Oman is the key commercial and cultural center of the region. It is interesting for investors and property buyers more for long-term living or for long-term seasonal holidays. Developed infrastructure, rich cultural heritage and favorable climate make the city ideal for families. And, just as important, Muscat is home to many international educational institutions, schools and gymnasiums, which makes it possible to give children a good, high-level education.

Omani real estate investment strategies

Investing in real estate in Oman is more focused on classic passive income.

Short speculation will not work here, but the value of the asset will only rise in price every year as the market and the construction stage grow. For example, the increase in the cost of a project during construction can be 20-25% per annum, and rental yield in tourist locations - up to 10% per annum.

Almost every developer has a service management service, including the possibility of selecting a project managed by international hotel chains. Average management fees for short-term rentals are 20% of total income, for long-term rentals - 5%.

Further implementation of plans for the development of the economy and the tourism cluster, in particular, will continue to stimulate the growth of the real estate market, and with it the growth of income from investments.

“Look at the Emirates now and imagine that you had the opportunity to invest in this market 10 years ago... Would you invest?.. This is approximately the level at which the Omani real estate market is now - it is just beginning to move. I would invest." – Sergey Tumanov sums up.

Any real estate investment requires evaluation and balance, and complete trust in market experts. A team of experienced managers at VelesClub Int. I am always ready to answer all your questions and accompany you at all stages of the transaction and subsequent reinvestment and diversification of your capital.

VELES OTOMOTİV İTHALAT İHRACAT İNŞAAT SANAYİ VE TİCARET LİMİTED ŞİRKETİ

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