Residential property prices in Dubai's rental market plunged 3.6 per cent year-on-year (y-o-y) in May 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 2.5 points, from 257.6 to 260.1, which represents an increase of 0.97 per cent in May over the same period last year.

On the other hand, prices decreased 5.3 per cent y-o-y, stated Reidin.com, a real estate information company focusing on emerging markets.

Apartment sales prices registered an increase last month, up 1.05 per cent month-on-month (m-o-m). However, it fell 5.2 y-o-y.

Similarly villa sales prices too registered an increase, up 0.63 per cent m-o-m but decreased six per cent y-o-y, said the report.

Residential property prices in Dubai rental market increased by 0.3 points, from 98.7 to 99, which represents an increase of 0.30 per cent last month.

Apartment rental prices registered an increase in May, up 0.47 per cent m-o-m but decreased three per cent y-o-y.

Meanwhile, the villa rental prices registered a decrease in May down 0.53 per cent m-o-m and also fell 6.4 per cent y-o-y.

On the Abu Dhabi market, the Reidin report said the residential property price index for all residential decreased by 0.1 points, from 83.0 to 82.9, thus registering a fall of 0.17 per cent in May.

On the other hand, prices increased 1.3 per cent y-o-y, it stated.

Apartment sales prices registered a decrease falling 0.31 per cent m-o-m and also decreased 0.7 per cent y-o-y, while the villa sales prices registered an increase in May.

The prices increased 0.27 per cent m-o-m and also increased 3.2 per cent y-o-y.

On the residential property prices, the Reidin report said Abu Dhabi rental market decreased by 0.05 points, from 66.8 to 66.3, which represents a decrease of 0.72 per cent in May. The prices too plunged 1.5 per cent y-o-y.

Apartment rental prices too registered a decline last month dropping 0.90 per cent m-o-m, while it fell 2.2 per cent y-o-y, said the report.

Similarly, the villa rental prices too registered a decrease in May falling 0.15 per cent m-o-m, but surging 0.1 per cent y-o-y, it added.-TradeArabia News Service