Decline in Residential Property Prices in 7 Governorates of Oman Including Muscat
According to statistics published by the National Centre for Statistics and Information (NCSI), the general index of residential property prices in Oman decreased by 1.9% in the third quarter of 2024 compared to the same period last year.…
According to statistics published by the National Centre for Statistics and Information (NCSI), the general index of residential property prices in Oman decreased by 1.9% in the third quarter of 2024 compared to the same period last year. This decline was mainly attributed to lower prices for residential land, apartments, and other housing types, while villa prices showed an increase.
Changes in Property Prices by Type:
| Property Type | Annual Change | Quarterly Change |
|---|---|---|
| Residential Land | Decrease 1% | Increase 0.3% |
| Residential Apartments | Decrease 12.9% | Decrease 5.2% |
| Other Housing | Decrease 6.5% | Increase 2.3% |
| Villas | Increase 2.5% | Increase 3.5% |
Changes in the Index by Governorate:
| Governorate | Annual Change |
|---|---|
| Muscat | Decrease 7% |
| Dhofar | Decrease 4.3% |
| Musandam | Decrease 26% |
| Al-Buraimi | Decrease 17% |
| Al-Dakhiliyah | Decrease 3.3% |
| Al-Dhahirah | Decrease 6.8% |
| Al-Wusta | Decrease 6.1% |
| North Al-Batinah | Increase 18.8% |
| South Al-Batinah | Increase 3.1% |
| South Al-Sharqiyah | Increase 1% |
| North Al-Sharqiyah | Increase 5.3% |
Conclusion:
These statistics highlight significant variations in property price trends across Oman’s governorates. While some areas, such as North Al-Batinah and North Al-Sharqiyah, experienced price increases, most governorates witnessed a decline in prices, reflecting local economic conditions and demand dynamics.
Source:
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