Muscat: The National Centre for Statistics and Information reports that residential land prices led to this decline, with the land price index slipping by 5.2 per cent.
The downward trend is evident across various property types: apartment prices plunged by 13.2 per cent, while villa prices decreased by 0.4 per cent. Other houses dropped by 13.7 per cent. However, the general residential property price index rose by 0.4 per cent, showcasing a slight recovery.
At the governorate level, Muscat saw a 13.1 per cent decrease in real estate values. Other notable declines included Dhofar (8.1 per cent) and Musandam (20.6 per cent). Meanwhile, Al Buraimi, Ad Dakhiliyah, South Al Batinah, North Al Sharqiyah, Ad Dhahirah, and Al Wusta also recorded losses, though less severe.
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North Al Batinah saw a notable rise of 13.2 per cent, while South Al Sharqiyah reported a modest increase of 0.1 per cent.
