The residential property prices in the rental market in Dubai, UAE, plunged 4.9 per cent year-on-year (y-o-y) in March owing to a steep fall in apartment and villa prices compared to the same period last year, said a report.

The Dubai Residential Property Sales Price Index for all residential increased by 2.1 points, from 256.9 to 259.0, which represents an increase of 0.82 per cent in March 2016, stated Reidin.com, a real estate information company focusing on emerging markets.

The apartment sales prices registered an increase in March 2016. Prices increased 0.74 per cent month-on-month (m-o-m) but fell 7.4 per cent y-o-y, it said.

According to Reidin, the villa sales prices registered an increase in March with a 1.17 per cent m-o-m jump but decreased 10.3 per cent y-o-y.

Residential property prices in Dubai rental market increased by points, from 98.4 to 98.7, which represents an increase of 0.32 per cent in March 2016. On the other hand, prices decreased 4.9 per cent y-o-y.

Apartment rental prices registered an increase in March 2016. Prices increased 0.52 per cent m-o-m but decreased 4.7 per cent y-o-y, said the report.

Villa rental prices registered a decrease in March 2016. Prices decreased 0.73 per cent m-o-m and also decreased 6.1 per cent y-o-y, it added.

On the Abu Dhabi market, Reidin said the residential property price index for all residential in the UAE capital decreased by 0.2 points, from 83.8 to 83.6. This represented a decrease of 0.23 per cent in March. However, the prices increased 0.9 per cent y-o-y.

The apartment sales prices registered an increase in March. Prices increased 0.05 per cent m-o-m but decreased 1.3 per cent y-o-y, it stated.

The report said the villa sales prices fell to a new low due to 1.05 per cent m-o-m decline. However, the prices increased 2.9 per cent y-o-y.

Residential property prices in Abu Dhabi rental market decreased by 0.1 points, from 66.9 to 66.8, which represents a decrease of 0.10 per cent in March 2016. On the other hand, prices increased 1.6 per cent y-o-y.

Apartment rental prices registered a decrease in March 2016. Prices decreased 0.13 per cent m-o-m but increased 1.1 per cent y-o-y, according to the report.

Villa rental prices registered a decrease in March 2016. Prices decreased 0.06 per cent m-o-m but increased 2.7 per cent y-o-y, it added.-TradeArabia News Service