The total cost of property investment in Oman stood at RO 481 million last year, according to Saif bin Mohammed al-Shabibi, Housing Undersecretary.
In a statement published in Oman daily on Tuesday, al-Shabibi said the monthly investment in the property sector averaged RO 40 million in 2003 and the total value of transactions in the sector amounted to RO 359 million during the same year with a monthly average of RO 30 million.
The Undersecretary said a total of RO 218,7 million were invested in property in the period from 1st January to end June this year.
He said the Ministry of Housing, Electricity and Water had restricted issuing licenses for construction of apartment buildings for a variety of reasons including the need to preserve the architectural features of private housing units, protecting privacy, maintaining low population density in residential areas and curbing rise in prices of land plots on which building of apartment houses is permitted.
According to him, the Ministry had constructed 980 housing units for limited income families in all regions and governorates in the last three years. (menareport.com)
© 2004 Mena Report (www.menareport.com)
