MUSCAT: Residential land prices have driven a 2.6% decline in the general index of residential real estate prices in Oman during the first quarter of 2024, according to the National Centre for Statistics and Information (NCSI).
Breaking down the numbers, the residential land price index fell by 0.9%, the apartment price index plummeted by 17.3%, and the villa price index saw a modest increase of 0.8%. Meanwhile, the price index for other homes dropped by 4.3%.
Comparing to the fourth quarter of 2023, the overall residential real estate price index decreased by 2.9%. Specifically, the residential land price index dipped by 0.8%, apartment prices decreased by 14.8%, villa prices by 2.1%, and prices for other homes saw an 11.3% reduction.
At the governorate level, most areas experienced a decline in residential land values in the first quarter of 2024 compared to the same period in 2023. Muscat Governorate saw a 5.5% reduction, Dhofar Governorate 5.1%, and Musandam Governorate a significant 15.7% drop. Other decreases were recorded in Al Buraimi (5.4%), South Al Batinah (0.4%), Al Sharqiyah South (2.4%), and Al Dhahirah (8.3%).
Conversely, some governorates witnessed an increase in residential land values. Al Dakhiliyah Governorate's index rose by 7.5%, North Al Batinah by 11.2%, North Al Sharqiyah by 1.4%, and Al Wusta by 8.1%. — ONA
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