Top 10 Overseas Property Investments in 2010 - 9

9. Property in Oman
The relaxed Arabian state of Oman, voted ‘destination of the year 2008’ by Vogue magazine, has long been a popular holidaying destination for people living within the GCC.

With a population of around 2.3m, Oman is being modernised and liberalised culturally and economically by hereditary Sultan, Qaboos Bin Said Al-Said, a forward-thinking leader.

Sultan Qaboos strategy for economic growth - Vision 2020 - aims to diversify Oman’s economic dependency on oil, and focus on other industries, such as property and tourism.

Demand for property in Oman is primarily being driven by the Sultan’s decision to introduce legislation in 2004 – ratified in 2006 – permitting foreigners to buy freehold property and land in designated tourist areas, most notably Muscat. These projects are referred to as Integrated Tourism Complexes (ITC). Furthermore, foreign homeowners can now apply for residency visas.

A number of luxurious developments are being erected across Oman including, The Chedi, Azaiba, Wadi Kabi, The Wave, Barr Al Jissah Residences, Jebel Sifah, Salalah Beach, The Malkai, Muscat Hills, Al Madina A’Zarqa, Jebel Sifah, and Salalah Beach.

The fact that Oman appeals to end-users – not just investors – means that the medium to long-term prospect for Omani property market growth looks good.

See Also:   Marc Da-Silva, Oman