The residential land prices led the General Residential Real estate Price indices in the Sultanate of Oman recorded a decline of 2.6% in the first quarter of 2024, according to statistics issued by the National Centre for Statistics and Information (NCSI).

The NCSI statistic showed that the residential land price index registered a decrease of 0.9%, and the apartment price index decreased by 17.3%, while the price index for villas increased by 0.8%. Meanwhile, the prices of other homes also decreased by 4.3%.

The statistics showed that the General Residential Real estate Price indices declined by 2.9% compared to the fourth quarter of 2023. The residential land price index also declined by 0.8%, and the prices of apartments went down by 14.8%, villas by 2.1%, and the other homes by 11.3%.

In comparison to the first quarter of 2023, the highest percentage change in the residential land value index in the governorates in the first quarter of 2024 was recorded in the Governorate of Al Batinah North, which rose by 11.2%, against 8.1% in the Governorate of Al Wusta, 7.5% in the Governorate of Al Dakhilyah, 1.4% in the Governorate of Al Sharqiyah North, while the percentage went down by 15.7% in the Governorate of Musandam, 8.3% in the Governorate of Al Dhahirah, 5.5% in the Governorate of Muscat, 5.4% in the Governorate of  Buraimi, 5.1% in the Governorate of Dhofar, 2.4% in the Governorate of Al Sharqiyah South and by 0.4% in the Governorate of Al Batinah South.