Muscat – The general index of residential real estate prices in Oman registered a 1.9% decline in the third quarter of 2024 compared to the same period last year, according to data from the National Center for Statistics and Information.

The residential land price index showed a decrease of 1%, while residential apartment prices dropped by 12.9%. The index for other homes also recorded a 6.5% decline. However, villa prices bucked the trend with a 2.5% increase.

When compared to the second quarter of this year, the overall residential real estate price index rose by 0.3%. Residential land prices recorded a 0.3% increase, while residential apartment prices fell by 5.2%. In contrast, villa prices increased by 3.5%, and other home prices grew by 2.3%.

At the governorate level, the value index for residential real estate experienced declines in most areas when compared to the third quarter of 2023. Muscat governorate saw a 7% drop, Dhofar declined by 4.3%, and Musandam registered a decrease of 26%. Buraimi fell by 17%, Dakhliyah by 3.3%, Dhahirah by 6.8%, and Al Wusta by 6.1%.

Some governorates, however, recorded growth. North Batinah experienced an 18.8% increase, South Batinah rose by 3.1%, South Sharqiyah grew by 1%, and North Sharqiyah by 5.3%.

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