Oman: a tempting prospect?

As the Dubai property boom implodes, some pundits suggest you invest in nearby Oman. But Oman's property boom is likely to be little more than a mirage.

As the Dubai property boom implodes, The Sunday Times's Peter Conradi suggests you invest in the sultanate's neighbour, Oman. Until recently, foreigners weren't allowed to invest in property there. Now they can, but only in "integrated tourist complexes". These developments are "typically built around five-star hotels, marinas and golf courses", says Conradi, and come with residence visas for the buyer, their immediate family and two domestic servants. So you can embark on a new life in an oil-rich country where the sun shines year round and the ocean is on your doorstep. Add the fact that you'll pay no capital gains or income tax in Oman and it's a "tempting prospect".

Sadly, Oman's property boom is likely to be little more than a mirage and one that sounds remarkably like Dubai's. The developments are huge the first will consist of 4,000 homes with tiny properties "pressed closely together on modest plots". These shoe-box homes don't come cheap. An 82 sq m one-bedroom flat will set you back £210,000. But at least it's in a convenient location right next door to Muscat airport.

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Ruth Jackson-Kirby

Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.

Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.

Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.