MUSCAT: Residential real estate prices in Oman declined by 1.9% in Q3 2024 compared to the same period last year, according to the National Centre for Statistics and Information (NCSI). The decrease reflects varied performance across property types and regions.
Residential apartment prices saw the steepest drop at 12.9%, followed by a 6.5% decline in other housing categories and a 1% decrease in residential land prices. Villas, however, posted a 2.5% year-on-year increase, signaling sustained demand in this segment.
Quarter-on-quarter, the general real estate index edged up by 0.3%. Villas recorded a 3.5% rise, residential land prices grew by 0.3%, and other home prices increased by 2.3%, offsetting a 5.2% decline in apartment prices.
Regionally, most governorates experienced year-on-year declines, with Musandam (-26%), Al Buraimi (-17%), and Muscat (-7%) leading the downturn. In contrast, North Al Batinah saw an 18.8% increase, with South Al Batinah (+3.1%) and North Al Sharqiyah (+5.3%) also recording gains.
The data highlights the diverse dynamics of Oman’s real estate market, reflecting shifting preferences and economic conditions across the country. — ONA
Oman Observer is now on the WhatsApp channel. Click here
