According to data from the National Center for Statistics and Information, Oman’s overall index of residential real estate prices fell 1.9% in the third quarter of 2024 as compared to the same time the previous year.
While residential unit prices fell 12.9%, the residential land price index showed a 1% decline. There was a 6.5% drop in the index for other residences as well. However, with a 2.5% increase, villa prices defied the trend.
The entire residential real estate price index increased by 0.3% from the second quarter of this year. While the price of residential apartments decreased by 5.2%, the price of residential land increased by 0.3%. On the other hand, other home prices rose by 2.3% while villa prices rose by 3.5%.
At the governorate level, most regions saw decreases in the residential real estate value index compared to the third quarter of 2023. Dhofar saw a 4.3% fall, Musandam saw a 26% decline, and the Muscat Governorate saw a 7% decline. Al Wusta dropped 6.1%, Dakhliyah 3.3%, Dhahirah 6.8%, and Buraimi 17%.
On the other hand, certain governorates saw growth. South Batinah increased by 3.1%, North Sharqiyah by 5.3%, South Batinah by 18.8%, and South Sharqiyah by 1%.
