Residential property prices in Dubai's rental market plunged six per cent year-on-year (y-o-y) in November 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 decreased last month by 0.02 points, from 260.48 to 260.46, down 0.01 per cent over the same period in 2015.

On the other hand, prices decreased 0.3 per cent y-o-y, stated Reidin.com, a real estate information company focusing on emerging markets.

Apartment sales prices remained constant in November but decreased 0.8 per cent y-o-y, while villa sales prices registered a 0.02 per cent month-on-month (m-o-m) but increased 1.5 per cent y-o-y.

The residential property prices in Dubai's rental market fell by 0.7 points last month, from 96.5 to 95.8. Apartment rental prices registered a decrease in November. Prices decreased 0.54 per cent m-o-m and also fell 5.6 per cent y-o-y.

According to Reidin, the villa rental prices registered a drop in November. The prices plunged 1.57 per cent m-o-m and 8.2 per cent y-o-y.

On the Abu Dhabi scenario, the real estate expert said the residential property price index for all residentials decreased by 0.2 points, from 81.8 to 81.6, which represents a decrease of 0.22 per cent in November 2016. The prices too decreased 1.9 per cent y-o-y.

Apartment sales prices registered an increase last month. Prices increased 0.05 per cent m-o-m but fell 1.4 per cent y-o-y, it stated.

Villa sales prices registered a decrease in November 2016. Prices decreased 1.04 per cent m-o-m and also decreased 3.6 per cent y-o-y, said the Reidin report.

Residential property prices in Abu Dhabi rental market decreased by 0.7 points which represents a decrease of 1.15 per cent in November. On the other hand, prices decreased 2.8 per cent y-o-y.

Apartment rental prices too registered a steep fall. The prices dropped 1.38 per cent m-o-m and 3.4 per cent y-o-y.

Villa rental prices too registered a decline for the period with a 0.44 per cent m-o-m  and 0.3 per cent y-o-y plunge.-TradeArabia News Service