OCCI welcomes Oman’s decision to reduce real estate fees

Times of Oman Friday 06/November/2020 10:18 AM

Muscat: The Chairman of Chamber has appreciated the government’s measures to reduce fees on real estate transactions to 3 percent.

A statement issued online by the Ministry of Oman Chamber of Commerce and Industry said: “His Excellency Engineer Ridha Al Saleh, Chairman of the Chamber, appreciated the measures announced by the government represented by the Ministry of Housing and Urban Planning regarding reducing fees on real estate transactions to 3 percent instead of 5 percent .”

His Excellency stressed that : “This reduction will have a large and positive role in the recovery of the real estate sector in light of the stagnation in the economic market in all areas.”

He pointed out that : “This reduction will enhance and increase the real estate sector’s contribution to the GDP. The government’s implementation of the economic balance plans comes in light of the economic variables that need to be dealt with in a manner commensurate with the situation, leading to an attractive and stimulating economic environment for local and foreign investment.”