Residential prices in the general index for real estate prices in the Sultanate of Oman decreased by 1.9% in the third quarter of 2024 to stand at RO94.5 million, compared to the corresponding period in 2023, according to the data issued by the National Centre for Statistics and Information (NCSI).

The residential land price index decreased by 1%. Residential apartment price index also went down by 12.9%. Further, the value of other homes also dropped by 6.5%, while the price index for villas increased by 2.5%.

At the governorates level, the residential land value index decreased in most of the governorates in the third quarter of 2024 compared to the corresponding period in 2023.

The drop in the governorates was recorded as follows: 7% in Muscat Governorate, 4.3% in Dhofar Governorate, 26% in Musandam Governorate, 6.1% in Al Wusta Governorate, 17% in Al Buraimi Governorate, 3.3% in Al Dakhiliyah Governorate and 6.8% in Al Dhahirah Governorate.

Meanwhile, the residential land value index increased in the following governorates: North Al Batinah by 18.8%, South Al Batinah by 3.1%, South Al Sharqiyah by 1% and North Al Sharqiyah by 5.3%.