Indian Properties more in demand by the NRIs of Oman
Few months back there was a survey conducted by a renowned exhibition company which found out that Mumbai and Bengaluru were among the top 25 preferred cities of the Asia pacific among the NRIs of the gulf and the regions in and around UAE. This is also a fact that among the associations of the Gulf Cooperation Council (AGCC) countries, many countries have a restriction on buying land and property by expatriates.
A recent estimate says that about 6 lakh NRIs stay in Muscat, Salalah and Sohar. Out of these the estimate says that 50 percent are from Kerala. Dubai does not restrict expatriates from owning land and properties in the country but local laws in the other gulf countries has few restrictions and prohibitions for foreigners and people of other countries to hold or own immovable properties. This has made the Indian residents of Oman and few other gulf countries to look for other pastures of property investment. India in that case would be their first choice as that is their native country.
A recent estimate says that about 6 lakh NRIs stay in Muscat, Salalah and Sohar. Out of these the estimate says that 50 percent are from Kerala. Dubai does not restrict expatriates from owning land and properties in the country but local laws in the other gulf countries has few restrictions and prohibitions for foreigners and people of other countries to hold or own immovable properties. This has made the Indian residents of Oman and few other gulf countries to look for other pastures of property investment. India in that case would be their first choice as that is their native country.
According to the media houses operating in Muscat very limited number of property shows which are not more than three or four in number are organized in Muscat every year and there are very few representative offices of Indian developers in the city.
Cities of Oman like Salalah, Sohar and others are far away from Muscat and NRI population in these cities are lesser in number. But due to the interest of the NRIs in Indian property market the Indian developers do visit cities like Muscat and other places of the UAE and regularly organize road shows and exhibitions. But this is also a fact that local licensing laws of the state impose few restrictions and often stringent stipulations which makes it difficult for them to reach the target audience. Even then many roadshows and exhibitions are organized by the exhibition companies like the one organized recently by Mindscape Exhibitions in Muscat.
The market watchers opine that Oman is an untapped real estate market for the Indian real estate developers. Unlike the other parts of the UAE and gulf nations there is quite investible capital in the hands of the expatriate Indians or NRIs of Oman and the demand of the Indian properties are also high. This is mainly due to the reason of the restrictions imposed by the local laws on the expatriates regarding owning of immovable properties.
The market watchers opine that Oman is an untapped real estate market for the Indian real estate developers. Unlike the other parts of the UAE and gulf nations there is quite investible capital in the hands of the expatriate Indians or NRIs of Oman and the demand of the Indian properties are also high. This is mainly due to the reason of the restrictions imposed by the local laws on the expatriates regarding owning of immovable properties.