Residential land prices in Oman led the general index of real estate prices in the Sultanate of Oman to a 2.6% decline in the first quarter of 2024, according to National Centre for Statistics and Information (NCSI) data.
The residential land price index fell by 0.9 percent, the apartment price index fell by 17.3 percent, the villa price index rose by 0.8%, and the price index for other homes fell by 4.3 percent.
The general residential real estate price index fell by 2.9 percent in the first quarter of 2024, compared to 0.8 percent in the fourth quarter of 2023. The number of residential apartments decreased by 14.8%, villas by 2.1%, and other homes by 11.3%, according to NCSI data.
At the governorate level, the residential land value index decreased in the majority of Oman’s governorates in the first quarter of 2024 when compared to the same quarter in 2023. Muscat Governorate decreased by 5.5%, Dhofar Governorate by 5.1%, and Musandam Governorate by 15.7%.
The index also fell in Al Buraimi Governorate by 5.4%, South Al Batinah by 0.4%, Al Sharqiyah South Governorate by 2.4%, and Al Dhahirah Governorate by 8.3%.
The index increased by 7.5% in Al Dakhiliyah Governorate, 11.2% in North Al Batinah Governorate, 1.4% in North Al Sharqiyah Governorate, and 8.1% in Al Wusta Governorate.