Residential property prices in Dubai's rental market plunged 4.57 per cent year-on-year (y-o-y) in May due to a sharp drop in both apartment and villa prices across the emirate compared to the same period last year, said a report.

The Dubai Residential Property Sales Price Index for all residential rose by 0.6 points, from 258.4 to 259, which represents an increase of 0.25 per cent in May 2017. On the other hand, prices decreased 0.43 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 with a 0.18 per cent m-o-m growth but were down 0.35 per cent y-o-y. The  villa sales prices too registered a 0.53 per cent m-o-m increase but fell 0.76 per cent y-o-y, it stated.

The Dubai Residential Property Rental Price Index for all residential decreased by 0.2 points, from 94.7 to 94.5, which represents a decrease of 0.21 per cent in May 2017.

Apartment rental prices witnessed a sharp drop in May falling 0.30 per cent m-o-m and decreasing 4.22 per cent y-o-y. Villa rental prices registered an increase in May 2017. Prices increased 0.32 per cent m-o-m but decreased 6.50 per cent y-o-y, said the Reidin report.

The Abu Dhabi Residential Property Sales Price Index for all residential increased by 0.4 points, from 96.8 to 97.2, which represents an increase of 0.41 per cent in May 2017. On the other hand, prices decreased 5.93 per cent y-o-y.

On the apartment sales prices, Reidin said the emirate registered an increase in May with a 0.40 per cent jump m-o-m. However, its decreased 5.86 per cent y-o-y. Villa sales prices too registered an increase with a 0.45 per cent m-o-m growth but decreased 6.16 per cent y-o-y.

The Abu Dhabi Residential Property Rental Price Index for all residential increased by 0.1 points, from 95.4 to 95.5, which represents an increase of 0.13 per cent in May 2017. On the other hand, prices decreased 9.56 per cent y-o-y, said the report.

Apartment rental prices registered an increase last month with a 0.28 per cent m-o-m growth but decreased 9.93 per cent y-o-y. Villa rental prices registered a decrease in May 2017. Prices decreased 0.50 per cent m-o-m and also decreased 8.11 per cent y-o-y, it added.-TradeArabia News Service