Real estate general index up by 8.4% in Oman

Muscat: Residential land prices took the lead in the general index for residential real estate prices in the Sultanate of Oman, posting an increase of 8.4 percent in the first quarter of 2023 at a value of OMR178.9 million.

A report on this segment was issued for the first quarter of 2023 by the National Centre for Statistics and Information (NCSI). The report showed that the residential land price index registered a growth of 17.2 percent and stood at OMR126.4 million.

However, the apartment price index went down by 9.6 percent at a value of OMR19.4 million, followed by the downtrend by the price index for villas, which dropped by 6 percent to OMR27 million. The value of other homes shrank by 14.1 percent to OMR6.1 million.

Compared to Q1 in 2022, the general index of residential real estate prices grew by 1.2 percent, at a time the residential land price index went up by 6.4 percent. Yet, the prices of apartments went down by 7.8 percent, villas by 8.6 percent, and other homes by 16.7 percent.

The NCSI statistics showed that the number of transactions on selling residential properties at the end of Q1 of 2023 dropped by 12.1 percent, as against the corresponding period last year (2022). Residential land plots constituted 88.2 percent of the real estate transactions, as against 5.4 percent for residential flats, 3.5 percent for villas and 2.9 percent for other households.