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Relaxed Oman property investment rules ignite foreign interest

The Wave Muscat PTInterest is growing fast in property development being built in Oman after ownership rules for foreign investment were relaxed.

The country first allowed outsiders to own real estate in designated zones last month and reports suggest initial interest in new projects has been high.

The Wave, Muscat, is among new schemes drawing investment from abroad and executives have just revealed more than 300 properties in the scheme will be delivered this year.

Bosses also recently picked up the award for best website in the real estate category of the Oman Web Awards, a title the development has now won four years in a row.

Quoted by Trade Arabia, Abdulla Al Shidi, deputy chief executive of The Wave, said: “More than 70 properties have been handed over to customers and we already have families living in their new homes.

“Add to this the marina, golf course and the three hotels plus the easy access to shops, caf├ęs and the airport, The Wave, Muscat is the new heart of Muscat.”

One of the biggest real estate schemes in the Middle East outside of the UAE, The Wave will feature more than 4,000 apartments, homes and townhouses when complete in around 2013.

The well-finished investment opportunities are already proving popular with buyers looking for an alternative to Dubai real estate.

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