Decline in Oman’s Residential Real Estate Prices in Early 2024
The drop in Oman’s residential real estate prices reached 2.6% in Q1 2024
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According to the National Centre for Statistics and Information (NCSI), in the first quarter of 2024, residential real estate prices in Oman experienced a decline, with the general real estate price index falling by 2.6%.
The residential land price index dropped by 0.9%, the apartment price index plunged by 17.3%, and the price index for other homes decreased by 4.3%. Conversely, the villa price index saw a slight increase of 0.8%.
Compared to the fourth quarter of 2023, the overall residential real estate price index decreased by 2.9%. During this period, the residential land price index fell by 0.8%, apartment prices dropped by 14.8%, villa prices declined by 2.1%, and prices for other homes fell by 11.3%.
At the governorate level, most regions in Oman saw a decrease in residential land values in the first quarter of 2024 compared to the same period in 2023.
The Muscat Governorate experienced a 5.5% decrease, Dhofar Governorate fell by 5.1%, and Musandam Governorate saw a 15.7% drop. Other decreases included Al Buraimi Governorate by 5.4%, South Al Batinah by 0.4%, Al Sharqiyah South Governorate by 2.4%, and Al Dhahirah Governorate by 8.3%.
However, some regions experienced an increase in the residential land value index: Al Dakhiliyah Governorate rose by 7.5%, North Al Batinah Governorate by 11.2%, North Al Sharqiyah Governorate by 1.4%, and Al Wusta Governorate by 8.1%.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
A bold new corporate restructure to achieve its ambitious $27 billion portfolio goal
2 min
Omniyat, a distinguished name in Dubai’s ultra-luxury real estate sector, has embarked on a transformative journey by unveiling a new corporate structure under the newly formed Omniyat Group. This strategic move aims to unify and drive success across its various branded companies, setting an ambitious target of a AED100 billion ($27 billion) total group portfolio over the next five years.
This announcement signifies a pivotal moment for Omniyat Group, reaffirming its dedication to reshaping the real estate landscape not only in Dubai but across the broader region. As part of its growth strategy, Omniyat plans to significantly expand its footprint in the ultra-luxury real estate segment, aiming for a total portfolio value of AED50 billion.
Established in 2005 by Executive Chairman Mahdi Amjad, Omniyat was conceived with the vision of revolutionizing the Dubai property market through the creation of unique living experiences. The company has consistently elevated the standards in real estate, driven by a policy of strategic diversification that has enabled it to explore various market segments.
In line with this strategy, Omniyat Group is set to announce a new real estate company in Q3 2024. This new venture will be part of a commitment to invest AED50 billion in new real estate divisions targeting multiple market segments. This initiative underscores Omniyat’s ongoing commitment to understanding market demands and delivering on its bold vision to be “the best in class, in every class.”
By continuously evolving and adapting to market needs, Omniyat Group stands poised to lead the future of real estate in the region, setting new benchmarks in luxury and innovation.
Commenting on the launch, Amjad said: “Nineteen years ago, I founded Omniyat with a clear mission to achieve the unprecedented in Dubai’s real estate sector. A city of superlatives, Dubai is globally renowned for its remarkable story of progress and achievement, and we wanted to bring iconic projects to Dubai’s skyline that stood apart for their design, innovation, and artistry.”
“Encouraged by the UAE’s robust growth and long-term vision and inspired by the success of our ultra-luxury brand, I am establishing Omniyat Group to invest in other brands and companies to address different segments of the UAE’s strong growing real estate market with an uncompromising principle of ‘Best in class, in every class’ we address.”
“Today, Omniyat Group has been announced to drive forward our mission to elevate the people at the heart of our business and contribute to a better life and environment for all stakeholders, employees, clients, and their loved ones,” he stated.
“Guided by an unwavering commitment to excellence, we will continuously strive to raise standards and curate experiences that make life better, in every sector we engage in,” he added.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
