Oman sees drop in residential real estate prices

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Muscat: Residential land prices in Oman led the general index of real estate prices in the Sultanate of Oman to record a decline of 2.6 percent in the first quarter of 2024, according to statistics issued by the National Centre for Statistics and Information (NCSI).

The residential land price index decreased by 0.9 percent, apartment price index fell by 17.3 percent, villa price index increased by 0.8 percent while the price index for other homes decreased by 4.3 percent.

The general residential real estate price index recorded a decrease of 2.9 percent in the first quarter of 2024 compared to the fourth quarter of 2023, where the residential land price index recorded a decrease of 0.8 percent. The number for residential apartments decreased by 14.8 percent, villas by 2.1 percent, and other homes by 11.3 percent, the NCSI data reveals.

At the governorate level, the residential land value index decreased in most of the governorates of the Sultanate of Oman in the first quarter of 2024 compared to the same quarter in 2023. The decrease in Muscat Governorate amounted to 5.5 percent, Dhofar Governorate by 5.1 percent, and Musandam Governorate by 15.7 percent.
The index also decreased in Al Buraimi Governorate by 5.4 percent, South Al Batinah by 0.4, Al Sharqiyah South Governorate by 2.4 percent and Al Dhahirah Governorate by 8.3 percent.

While the index increased in the Al Dakhiliyah Governorate by 7.5 percent, North Al Batinah Governorate by 11.2 percent, North Al Sharqiyah Governorate by 1.4 percent and 8.1 percent in the Al Wusta Governorate.