Residential property prices in Dubai's rental market fell by 3.72  per cent year-on-year in January due to a sharp drop in both apartment and villa prices compared to the same period last year, said a report.

The Dubai Residential Property Rental Price Index for all residential decreased by 0.2 points, from 95.8 to 95.6, which represents a decrease of 0.16 per cent in January, stated the leading real estate information company.

Apartment rental prices registered a decrease in January 2017. Prices fell 0.07 per cent month-on-month (mom) and also decreased 3.01 per cent y-o-y, it said.

Villa rental prices too registered a decrease last month down 0.63 per cent m-o-m and 7.46 per cent y-o-y.

The Dubai Residential Property Sales Price Index for all residential decreased by 0.8 points, from 259.9 to 259.1, which represents a decrease of 0.31 per cent in January 2017, according to Reidin.

On the other hand, prices decreased 0.81 per cent y-o-y, it added.

Dubai's apartment sales prices too witnessed a drop in January 2017. Prices were down 0.13 per cent m-o-m and also decreased 0.83 per cent y-o-y.

Villa sales prices registered a decrease in January. Prices dived 1.07 per cent m-o-m and 0.71 per cent y-o-y, it added.

On Abu Dhabi sector, Reidin said the residential property sales price index for all residential decreased by 1.3 points, from 80.8 to 79.5. This represents a drop of 1.56 per cent compared to the same period the previous year. On the other hand, prices decreased 5.38 per cent y-o-y.

Apartment sales prices too registered a decrease last month down 1.60 per cent m-o-m and 5.03 per cent y-o-y.

Villa sales prices too witnessed a decline falling 1.46 per cent m-o-m and 6.49 per cent y-o-y.

The Abu Dhabi Residential Property Rental Price Index for all residential decreased by 0.9 points, from 62.8 to 61.9, which represents a decrease of 1.53 per cent in January 2017. On the other hand, prices decreased 5.96 per cent y-o-y, said Reidin in its report.

The apartment rental prices in the UAE capital decreased 1.59 per cent m-o-m and 6.71 per cent y-o-y. However, the villa sector witnessed mixed results with rental prices surging 3.06 per cent y-o-y but falling 1.39 per cent m-o-m, it added.-TradeArabia News Service