Demand soars for first Omani freehold

Muscat: The demand for residences at Oman's first free-hold property development, The Wave, is soaring and now the beachfront property owners have joined hands with the Alliance Housing Bank SAOG (AHB) to provide a range of mortgage solutions to both Omani nationals as well as foreigners.

"The demand is high and we are short on supply at the moment," Wael Al Lawati, Deputy CEO of the Wave, said yesterday on the sidelines of signing the agreement with the AHB at the Al Bustan Palace Hotel.

He revealed that the 221 units in Phase I have been snapped up and the Phase II of 200 units of town houses and villas would be made available next month. The agreement with AHB, Al Lawati believes, signifies a new era in property investment in Oman and is the first agreement of its kind that allows foreigners to purchase their own property in the Sultanate. Omanis can receive a mortgage of up to 90 per cent over a maximum of 25 years whilst GCC nationals can finance up to 70 per cent over the same period. Foreigners, including expatriates living in Oman, can apply for a mortgage of up to 60 per cent over a period of 15 years.

Al Lawati said that the statistics from sale of residential release in Phase 1 of the $805 million waterfront resort indicate that Omanis still represent the largest group of customers.