Skip to content Skip to Search
Skip navigation

Oman’s real estate sector continues to slide

Properties overlooking the bay in Muscat. Property prices in the capital fell more than 5 percent Unsplash/Gilles Gravier
Residences overlooking the bay in Muscat. Property prices in the capital fell more than 5 percent
  • Apartment prices down by 17%
  • Villa prices show meagre rise
  • Musandam region has largest fall

Apartment prices in Oman dropped more than 17 percent in the first quarter of 2024, while villa prices rose a meagre 0.8 percent, according to the latest government figures.

Residential real estate prices were down across the board quarter on quarter, including those for land.

The Musandam region recorded the largest overall decline at 15.7 percent, while prices in and around Muscat fell by 5.5 percent and those in the Dhofar Governorate, where the city of Salalah is located, by 5.1 percent.



The real estate sector in the Gulf nation has been contracting for several months. 

Yet analysts have tended to downplay the trend as a “blip”, while foreign industry professionals continue to flock to Oman despite tighter regulation amid what they see as immense promise for luxury development in future.

More importantly, the latest government release reflects trends in leasehold areas and may not offer a complete picture of the state of real estate in the nation, according to Anastasiya Kouzan, head of sales for Oman at Metropolitan Premium Properties.

Leasehold is a type of contract that enables foreigners to control a property for a maximum of 99 years.

In freehold areas, where for the past few years foreigners have been allowed to fully own the rights to real estate, things are looking up, according to Kouzan.

“While there could be a slide in leasehold areas, freehold areas like Yiti, Muscat Bay and Jebel Sifah have seen a 12 percent price increase between June 2023 and June 2024,” Kouzan told AGBI. “In these areas, properties are still under construction and the 3 percent registration fee is still not applicable, which has contributed to the data not being recorded.”

Latest articles

In a concession to the electorate, the legislation before parliament proposes a 25 percent increase in the payment to pensioners on the lowest rate of support

Turkey targets business with steep taxes to raise revenue

Multinational corporations operating in Turkey face a steep increase in their tax bills, thanks to one of the new revenue-raising measures outlined by the government in draft legislation aimed at narrowing the budget deficit. Under the new tax reforms, tabled before the parliament on July 16, multinationals with more than $817.6 million in annual consolidated […]

Saudi growth forecast

IMF lowers Saudi growth forecast over oil output cuts

The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy.  In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […]

People, Person, Groupshot APQ CEO Ebubekir Koyuncu (sitting left) and Aramco acting senior vice president of new business development Mohanad M Alamdar at the signing ceremony

Saudi Aramco bolsters blue hydrogen portfolio 

Saudi Aramco has acquired a 50 percent stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra. No financial details were disclosed. The transaction, subject to standard closing conditions, includes options for the oil giant to offtake hydrogen and nitrogen.  The remaining 50 percent will be owned by APQ, […]

Egypt's SCA is seeking revenue of $9 billion from the Suez Canal operation in 2024/2025, 25 percent more than the previous year

Egypt to float Suez Canal subsidiary next year

Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the […]