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- By Faisal
The 4 advantages for Expats to own real estate in Oman
Oman has been one of the most popular destinations among expatriates since its independence in 1971. With an average temperature of 30 degrees Celsius, the country offers plenty of opportunities for outdoor activities such as hiking, diving, fishing, camel riding, and much more.
However, owning property in Oman may seem daunting to those living abroad. For expats, buying property in Oman is easier than ever thanks to the recent changes made by the Sultanate.
In this article, we’ll discuss four major benefits of owning property in Oman.
#1. Low Property Prices
Property prices in Oman are low compared to neighboring countries. This means that expats can afford to purchase properties here without breaking the bank.
For example, the price of a 2 bedroom apartment in Muscat starts at $40,000. If you compare this to Dubai, the same apartment would cost approximately $200,000.
This makes Oman a desirable destination for expats looking to invest in real estate.
#2. Easy Accessibility
Oman is located in the Middle East, which means that it is easily accessible via air travel. Many international airlines fly directly to Muscat International Airport, which is located 20 minutes away from downtown Muscat.
Airport transfers are available 24 hours a day, 7 days a week. There are also numerous bus routes connecting the airport to various parts of the city.
#3. High Standards of Living
Living standards in Oman are higher than in neighboring countries. This means expats can expect better amenities, services, and infrastructure.
There are several schools offering English education in Muscat, and many universities offer courses in engineering, medicine, law, and accounting.
Additionally, expats can access healthcare facilities in Oman, unlike in neighboring countries.
#4. Tax Benefits
Owning property in Oman comes with tax benefits. Most expats don’t realize this until after purchasing a property.
When you purchase a property in Oman, the government automatically deducts 10% of the total value of the property from your taxes.
This deduction applies regardless of whether you live in Oman or another country.
So, if you buy a house worth $500,000, you won’t pay any additional taxes. However, if you live in Oman, you’ll receive a monthly allowance of $6,000.
This amount is deducted from your taxable income every month.
These are just a few of the many benefits of owning property in the Sultanate of Oman.