Real estate rules in economic zones
The executive regulation of the Law of Economic Zones and Free Zones in the Sultanate of Oman details the relationship between investors and real estate developers, focusing on the advantages, incentives, and exemptions offered to them, especially for strategic projects with costs exceeding 10 million Omani Rials. The regulation includes procedures related to land allocation, licensing, deposit accounts, and the sale of real estate units, in addition to organizing homeowner associations and closed residential complexes. It also imposes penalties of up to 50,000 Rials for violations and grants incentives such as exemption from rents for up to 10 years. Furthermore, it establishes binding regulations for the rights and obligations of developers and buyers, aiming to promote real estate investment and protect buyers' rights, in accordance with other relevant laws.
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