Residential Real Estate Prices in Oman Decline in Q1: Key Insights for Investors and Homebuyers

• By Oman Market
• June 22, 2024July 26, 2025
• land prices Oman real estate
• With 0 comments

MUSCAT: According to the National Centre for Statistics and Information (NCSI), residential land prices have led to a 2.6% decline in the general index of residential real estate prices in Oman during the first quarter of 2024.

Breaking down the statistics, the residential land price index fell by 0.9%, while the apartment price index experienced a significant decrease of 17.3%. In contrast, the villa price index recorded a slight increase of 0.8%, but the index for other homes decreased by 4.3%.

When compared to the fourth quarter of 2023, the overall residential real estate price index saw a decline of 2.9%. Specifically, the residential land price index dropped by 0.8%, apartment prices reduced by 14.8%, villa prices decreased by 2.1%, and prices for other homes fell by 11.3%.

At the governorate level, most regions reported a decrease in residential land values in the first quarter of 2024 compared to the same period in the previous year. Muscat Governorate experienced a 5.5% decline, Dhofar Governorate noted a 5.1% drop, while Musandam Governorate faced a substantial 15.7% decrease. Other notable reductions were seen in Al Buraimi (5.4%), South Al Batinah (0.4%), Al Sharqiyah South (2.4%), and Al Dhahirah (8.3%).

Conversely, some governorates recorded increases in residential land values. Al Dakhiliyah Governorate’s index climbed by 7.5%, North Al Batinah rose by 11.2%, North Al Sharqiyah increased by 1.4%, and Al Wusta saw a 8.1% growth. — ONA

Special Analysis by Omanet | Navigate Oman’s Market

The 2.6% decline in Oman’s residential real estate prices signals potential opportunities for investors looking to acquire undervalued properties, particularly in declining markets. Conversely, businesses should remain cautious, as the significant 17.3% drop in apartment prices could indicate a slowdown in consumer demand. Smart investors should focus on emerging regions like Al Dakhiliyah and North Al Batinah, where land values are increasing, to capitalize on growth potential.