Oman’s economy and the financial situation are leading to a sharp uptick in the demand and supply for the property in the Omani market. The real estate market in Oman has witnessed growth in 2018, and it also requires some development in certain areas. This was a 1.2% growth when compared to the previous year. In the residential sector, the price continued to decrease as the demand remained subdued.
The government also takes some initiative like the National Program for Enhancing Economic Diversification and the establishment of the new industrial estate offering the tax exemption for both the investors and competitor advantages. The government targets to attract 21 million tourists by 2035 and this will play a huge role in diversifying the economy to have good growth in the sector.
Expat home buyers in Oman
Recently, the government joined with the Oman Real Estate Association to open more areas for expats and foreign homebuyers. The problem is that the integrated tourist complexes as the expats living and working in Oman are lower paid. The recommended reforms will incorporate the special zones where the expats buy the properties at a reasonable cost. However, when an expat wants to have an apartment for rent in Muscat, they should do some research and understand certain factors.
Ensure you are choosing the right property
Much like the rental market you encounter at your home, there are also plenty of factors you have to consider to choose the right rental property for rent. On average, expats living in Muscat spends more than 30% of the salary just for renting purposes. So, only when you find the right rental property, you can get rid of such issues. In renting the property, you should also choose between the furnishing and unfurnished properties.
If you have a fixed-term contract, or if you are not sure on the period you are not going to stay in the country, it is the right choice to choose the furnished property where you do not face more hassles of shipping the furniture and arranging it. However, flat for rent in Muscat is costlier when compared to unfurnished one. Several apartments will include the air conditioner, but you will need to pay for electricity and water.
Care for deposit, fee and cheques
In Muscat, the person renting the property wants to pay the fee regularly and so be aware of the additional charge. Your landlord will usually ask for the rent of one month in advance, and this will be considered as the deposit for the villa for rent in Muscat. You can get back this deposit amount at the end of the contract if you are leaving. If you are willing to stay for some more time, you can also look at renewing the renting period.
Remember the owners will deduct some amount from your deposit if there are damages in the property. If you are renting the property for the whole year, you can have them by paying the entire cost with the single payment, or you can also present multiple cheques with the date forward.
The right place to rent
When it comes to Muscat, there are so many places where you can look for fully furnished flats for rent in Muscat. Lots of expats are living in Al Mouj and Madinat Al Sultan Qaboos, and so, these are considered as bit expensive places when compared to some areas like Khuwair or Qurum.
When you choose Al Mouj, it is the beachfront gated community made up of the apartment, and there are also plenty of restaurants and bars to hang out enjoying the fun time. Here, 1 bedroom apartment for rent in Muscat will cost around OMR500 per year and 3 bedroom flats will cause OMR 1,200 annually.
Another location that is serving as the hotspot for the expats is Khuwair, and it is near Madinat Al Sultan Qaboos. It does not carry such a hefty price tag, and it is also close to the beach where you can have the best natural view. It also incorporates lots of restaurants and locations where you can have all the necessary things with ease.
Some crucial tips for the tenants
- Notice period: When you are looking for a new apartment for rent in muscat, most contractors will have three months of notice price, and you are asking them to reduce it. It is difficult to wiggle out of this as the rents are dropping across the country. If you want to leave before ending the notice period, you should replace the tenant or one amount will be detected from the advance amount you have paid.
- Paperwork: When you are asked to sign in the contract period, ensure you are reading and going through the things in the contract completely. Have an eye on the auto-renewal lease. If you are renting the inclusive flat, ensure there is a cap on the fee, and your landlord will pay for water, electricity bill and several others. If there is and you go over this, it will be added with the next payments, where you have to pay more amounts.
- Care for inventory: before moving into the property like 1 bedroom apartment for rent in Muscat, the landlord should have an independent inventory checker. This should check the status of the walls, floors and furnishings in the property for any damages due to any factors like the previous tenant. Ensure you are getting the copy of the inventory and flag before getting into it. So, you may not face the hassles and waste money for these.
- Payout the debts: this may appear to be the obvious one, but in Oman, this comes with the serious consequences. Here, writing a cheque that bounces due to insufficient funds is a criminal offence. This will lead to serious action where you will be sent to jail or penalized with the hefty fine. Moreover, you will be slapped with the travel ban, which will stop you from moving and make you stay in the country.
Buying the property
When you are planning to stay in Oman for a long time, you can look to buy the property. There is a good value for the property in Oman, and it is always worth it to invest in it.
The bottom line
The rules and regulations from one country to another country differ widely. So, these are the crucial aspects you should know when you are moving to Muscat as the expat and have an apartment for rent in al mouj muscat. Follow this to have the best and comfortable place to stay in Muscat!