Oman has promulgated the new Real Estate Registry Law, which is a transformative step that advances institutional modernisation and accelerates digital transformation.

It also aims to foster a more transparent, efficient, and trusted real estate ecosystem aligned with evolving technological advancements, said a statement.

The law comes as part of the Ministry of Housing and Urban Planning’s efforts to modernise the real estate documentation and registration system through the adoption of advanced tools and technologies that contribute to accelerating procedures, simplifying services, and enhancing the reliability of real estate transactions, thus positively impacting investors, citizens, and stakeholders across the sector.

Moreover, the law represents a significant step forward in the digital transformation of real estate services, introducing electronic authentication of real estate transactions. This is expected to expedite transaction processing within record time, reduce conventional procedures, and save time and effort for users, ultimately enhancing the quality of government services and improving institutional efficiency.

In addition, the law grants electronic copies of real estate records, contracts, and other official documents the same legal validity as original documents, reinforcing confidence in electronic transactions and supporting their legal credibility. These digital records also provide advantages in terms of easier storage, retrieval, and transfer, while reducing the risks of loss or damage associated with traditional paper-based documentation.

The Real Estate Registry Law consists of 40 legislative and regulatory articles aimed at enhancing and modernizing the real estate registration system. The law stipulates the mandatory registration of all primary and subsidiary properties rights related to real estate assets or units, reinforcing ownership transparency, safeguarding rights, and strengthening the principle of legal publicity and reliability in real estate transactions.

The law also establishes personal contractual obligations between parties in cases where registration is not completed, contributing to greater stability in real estate transactions and reducing disputes related to ownership and property dealings.

Moreover, among key provisions introduced by the law is the issuance of electronic title deeds, in addition to the ability to issue translated copies in English upon request by concerned parties, enhancing the flexibility of real estate services and strengthening the sector’s readiness to accommodate both local and international investments.

The law also permits the licensing of government and private entities to authenticate documents and legal transactions related to properties and real estate units, in accordance with regulations and procedures to be defined in the executive regulations. This step is expected to expand service accessibility and improve operational efficiency.

As for supporting the investment environment, the law allows the registration of land and real estate in the names of non-Omanis, companies, and legal entities, in accordance with the relevant laws and regulations, reinforcing the attractiveness of Oman’s real estate market and aligning with the Sultanate’s broader economic and development objectives.

The law further provides for the registration of restrictive conditions preventing the disposal of property or real estate units transferred to minors through donation or grants, subject to provisions set out in the executive regulations, thereby strengthening legal safeguards and protecting the rights of eligible beneficiaries.

In line with modern real estate practices, the law recognises the role of the preliminary real estate registry in documenting and registering units within off-plan sales and real estate development projects, supporting the growth of urban development and investment projects.

It also permits the issuance of temporary title deeds in accordance with applicable laws, representing a qualitative addition to the real estate framework and facilitating procedures related to the implementation phases of development projects.

Moreover, the law criminalises the submission of false information or forged documents resulting in the registration of instruments that unlawfully deprive or establish real rights over properties or real estate units. The law also stipulates criminal penalties and administrative sanctions proportionate to the severity of the violation.

Ali bin Salim Al Issai, Secretary of the Real Estate Registry, stated that the issuance of the Real Estate Registry Law marks a significant legislative and regulatory advancement that enhances the efficiency of Oman’s real estate system and keeps pace with the digital transformation and modern developments witnessed by the real estate and investment sectors.

He noted that the law reinforces the principles of transparency, reliability, and protection of property rights through the unification of registration and authentication procedures and by granting full legal validity to electronic records and documents. This, in turn, enhances procedural speed and accuracy while improving the efficiency of services provided to beneficiaries.

Al Issai explained that the law serves as a key pillar in establishing a more attractive and stable investment environment by providing a clear and flexible legal framework that strengthens the confidence of local and international investors, supports real estate development and off-plan sales projects, and aligns with the expansion of modern cities and urban developments.

He added that the law also reinforces institutional integration among relevant entities and enhances governance and oversight of real estate transactions, thereby reducing disputes and increasing the reliability of the real estate market in the Sultanate of Oman.

The issuance of the Real Estate Registry Law reflects a strategic direction toward building a modern and integrated real estate ecosystem based on efficiency, transparency, and digital governance, enhancing investor confidence, increasing the competitiveness of the real estate sector, and supporting the objectives of Oman Vision 2040 in developing a sustainable and modern investment environment, he said. - TradeArabia News Service.