The residential property prices in the rental market in Dubai, UAE, plunged 5.08 per cent year-on-year (y-o-y) in December due to a sharp fall in both 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 by 0.6 points, from 260.5 to 259.9, which represents a decrease of 0.21 per cent in December 2016, stated Reidin.com, a real estate information company focusing on emerging markets.

On the other hand, prices decreased 0.41 per cent y-o-y, it added.

Apartment sales prices registered a decrease in December 2016. Prices decreased 0.25 per cent m-o-m and also decreased 0.90 per cent y-o-y. Villa sales prices too fell for the month. Prices decreased 0.04 per cent m-o-m but increased 1.60 per cent y-o-y.

The Dubai Residential Property Rental Price Index for all residential decreased by 0.04 points, from 95.80 to 95.76, which represents a decrease of 0.04 per cent in December 2016, said the report by Reidin.

Apartment rental prices registered a decrease in December 2016. Prices decreased 0.02 per cent m-o-m and also decreased 4.57 per cent, it stated.

Villa rental prices registered a decrease in December 2016. Prices decreased 0.15 per cent m-o-m and also decreased 7.79 per cent y-o-y, it added.

On the Abu Dhabi scenario, Reidin said the residential property sales price index for all residential decreased by 0.8 points, from 81.6 to 80.8, which represents a decrease of 0.97 per cent over the previous year. The prices too decreased 3.28 per cent y-o-y.

The apartment sales prices in the UAE capital witnessed a sharp drop in December. Prices decreased 1.05 per cent m-o-m and also decreased 2.63 per cent y-o-y.

Villa sales prices too registered a decline with the prices down 0.74 per cent m-o-m and 4.99 per cent y-o-y.

The Abu Dhabi Residential Property Rental Price Index for all residential decreased by 0.8 points, from 63.5 to 62.8, which represents a decrease of 0.99 per cent in December 2016. On the other hand, prices decreased 2.48 per cent y-o-y.

Apartment rental prices registered a decrease in December 2016. Prices decreased 0.98 per cent m-o-m and also decreased 3.03 per cent y-o-y.

Villa rental prices registered a decrease in December 2016. Prices decreased 1.01 per cent m-o-m but increased 0.13 per cent y-o-y.-TradeArabia News Service