Record real estate prices in Oman are led by residential sites with a 6.2% increase

The prices of residential plots in the Sultanate of Oman reached a record high, increasing by 6.2% in the second quarter of this year, amounting to 182.4 million Omani riyals, according to a report by the National Center for Statistics and Information on Residential Real Estate Price Standards. The value of record prices of residential plots increased by 14.8% to 128.6 million Omani riyals, while the value of apartments decreased by 15.2%, equal to 19.2 million Omani riyals. The prices of villas also decreased by 6.2%, amounting to 27.6 million Omani riyals, and other housing types by 12.3%, equal to 7 million Omani riyals.

In general, the overall standard price index for residential properties rose by 3.2% compared to the first quarter of this year.

The number of residential real estate sales and purchases at the end of the second quarter of 2023 was down 6.6% year-on-year, according to statistics. Residential plots accounted for 87.6% of the total number of transactions, while apartments accounted for 5.2%, villas for 4.1%, and other housing types for 3.1%.