Oman's Ministry of Housing cancels decision on land prices

Muscat: Ministry of Housing has decided to cancel the new system to evaluate ‘white lands’ (vacant plots) that was activated recently, because the public and other authorities reacted negatively to it, according to the Real Estate Association.
Representatives of the real estate sector explained that the price stated by the ministry did not tally with the real price, and it was affecting the real estate market.
The Majlis Al Shura has asked the Ministry of Housing to explain the issue as it was not involved in the process of decision making. Earlier, the ministry had initiated the move to regularise real estate prices in the Sultanate, and issued the price list.
Last week, the ministry had initiated a move to regularise real estate prices in the Sultanate, and had issued a price list.
The Ministry had explained that the real estate schedule, circulated through the social networks, comes within the regulatory measures to specify the actual value of the real estate as per the market prices.
The Ministry had said that the schedule, was a reference point for real estate deed transfer transactions, and that it would control individual assessment by real estate authentication officers at the ministry.