Muscat: The latest statistics from the National Center for Statistics and Information reveal a downturn in Oman’s residential real estate market during the first quarter of 2024. The general index for residential property prices experienced a notable decline of 2.6 percent compared to the same period last year.

A closer look at the data shows that residential land prices were a significant factor, with a decrease of 0.9 per cent in the land price index. Additionally, the index for residential apartments saw a sharp decline of 17.3 per cent, while villas experienced a modest increase of 0.8 per cent. The price index for other types of homes dropped by 4.3 per cent.

Comparing the first quarter of 2024 to the fourth quarter of 2023, the general residential real estate price index witnessed a further decline of 2.9 per cent. This decline was reflected across different property types, including a 0.8 per cent decrease in the residential land price index, a 14.8 per cent decrease in residential apartments, a 2.1 per cent decrease in villas, and an 11.3 per cent decrease in other types of homes.

At the governorate level, most regions in Oman experienced a decrease in residential land values in Q1 2024 compared to the same period in 2023. Muscat Governorate saw a 5.5 per cent decrease, Dhofar Governorate a 5.1 per cent decrease, and Musandam Governorate a 15.7 per cent decrease. Al Buraimi Governorate, South Al Batinah, Al Sharqiyah South, and Al Dhahirah Governorate also witnessed declines, while Al Dakhiliyah, North Al Batinah, North Al Sharqiyah, and Al Wusta Governorates saw varying degrees of increase in land values.