Oman plans to invest $10.39bn into developing new housing units for expatriates to purchase.
More than 5,000 homes will be constructed under five Integrated Tourism Complex (ITC) projects, says Times of Oman.
The government has already received a number of applications, according to Mubarak bin Hamad Al Alawi, advisor of legal affairs at Ministry of Tourism (MoT).
“Oman has taken a positive step by opening up the real estate market to Omanis, GCC citizens and other nationalities,” he was quoted.
The projects include Diyar Ras Al Hadd Resort, Omagine, Quriyat Integrated Project, Naseem A’Sabah and Al Nakheel.
Diyar Ras Al Hadd will feature 700 residential properties, while Omagine will have more than 2,000 homes.
Naseem A’Sabah in Seeb will have more than 1,200 residential units, including five star hotels, retail areas and a yacht club. The Al Nakheel Project in Barka will include hotels and hotel apartments, 1,436 residential apartments, villas and houses.
The developments are part of the 2040 tourism strategy framework, along with the National Programme for Enhancing Economic Diversification called Tanfeedh.