Muscat: Oman needs a price index for the real estate sector to track the rise and fall in the value of properties in different areas and land uses.
Speaking exclusively to Times Business, Mohammed bin Salim Al Busaidi, the chairman of Oman Real Estate Association, said that the association is in touch with the concerned ministries and issuing a price index would be its priority.
He said, "At the moment, anybody can put his own price for selling a piece of land or a property and this needs to be regulated."
Al Busaidi further said, "There are many issues concerning the real estate sector. One of them is there are many clauses in the Royal Decree on brokerage which need to be implemented.
"We have had several meetings with the ministries of commerce, housing and manpower for activating the regulations which are in place and to further develop the sector. There are many concerns, especially in the residential segment which need to be addressed."
He was talking after signing the strategic partnership agreement with Hawazen Esber, CEO of The Wave, Muscat, yesterday.
The agreement is aimed at promoting the real estate sector in the country, supporting the efforts and role of the Oman Real Estate Association to organise the real estate market and developing the practices of real estate industry in coordination with the concerned bodies within the framework of the country's laws and regulations.
Through this partnership agreement, The Wave, Muscat and Oman Real Estate Association (ORA) will work to design a specific programme aimed at regulating the real estate sector and its mechanisms in a bid to ensure sustaining the public interest and reaching professionalism and objectivity.
With the collaborative efforts of both sides, the programme will also help in maintaining the rights of all concerned parties and positioning the Sultanate as a promising investment destination offering clear indicators complying with Oman's real estate policy and international standards in this regard.
This strategic agreement urges both parties to mark the Key Performance Indicators (KPIs) of the real estate sector and plan professional training programmes for players of all levels in this field. Such programmes will be designed to touch on the best practices of real estate market which assist in achieving the objectives of Oman Real Estate Association.
Mohammed bin Salim Al Busaidi pointed out: "We are very pleased to partner with The Wave, Muscat as one of the pioneering and successful Integrated Tourism Complexes in the country.
"This agreement will bring about a bigger dimension beyond the financial support; it includes transferring knowledge and sharing expertise. Significantly, the partnership will serve the real estate sector and all parties and individuals involved in this field, regardless of the size of their projects and business."
Hawazen Esber, said: "The Wave, Muscat is always seeking unique opportunities to contribute towards backing the real estate market and strengthening the significant role played by the tourism and real estate development companies."