Real estate general index up by 1% in Oman

Muscat: Residential land prices led the general index of residential real estate prices in the Sultanate of Oman registering a 1 percent increase in the fourth quarter of 2023 valued at OMR163.3 million, according to statistics issued by the National Centre for Statistics and Information (NCSI).

The residential land price index registered a growth of 5.5 percent, amounting to OMR112.3 million, while the residential apartment price index decreased by 10.2 percent, to OMR18.2 million. The villa price index also decreased by 6.2 percent to OMR25.2 million and the index for other homes fell by 7.6 percent to OMR7.6 million.

The general residential real estate price index saw an increase of 0.7 percent compared to the third quarter of 2023, where the residential land price index registered an increase of 0.2 percent. The prices of residential apartments also increased by 1.9 percent, villas by 0.7 percent and other homes by 6.1 percent.

On the other hand, the number of residential real estate sales transactions increased by 3.9 percent in the fourth quarter of 2023, compared to a decrease of 26 percent in the fourth quarter of 2022.

The highest percentage of change in the residential land value index in the governorates was in the Muscat Governorate, with an increase of 4 percent in the fourth quarter of 2023 compared to the third quarter of 2022. This was followed by an increase of 2.9 percent in the North Al Sharqiyah Governorate, 1.2 percent in the Buraimi Governorate.

The percentage land value index registered a decrease of 19.9 percent in the Musandam Governorate and by 8 percent in Al Wusta Governorate, 4.9 percent in Al Dhahirah Governorate, 3.3 percent in Al Dakhiliyah Governorate, 2.7 percent in South Al Sharqiyah Governorate, 2.2 percent in North Al Batinah Governorate, and 1.6 percent in Dhofar Governorate.

Residential lands accounted for 88.1 percent of real estate transactions in the fourth quarter of 2023, compared to 5.1 percent for residential apartments, 3.9 percent for villas, and 2.9 percent for other homes.