The residential property sales price index in the two big markets of the UAE witnessed a sharp drop in October, said a report by Reidin, a real estate information company focusing on emerging markets.

On the country's most dynamic market, Dubai, the real estate expert said the Dubai Residential Property Sales Price Index for all residential decreased by 3.5 points, from 235.6 to 232.1, which represents a decrease of 1.49 per cent in October.

Prices also decreased 8.47 per cent y-o-y, stated Reidin in its latest report for October.

Apartment sales prices registered a sharp decline last month. Prices decreased 1.54 per cent m-o-m and also decreased 8.11 per cent y-o-y. Villa sales prices too registered a decrease in October 2018. Prices decreased 1.12 per cent m-o-m and also decreased 9.68 per cent y-o-y, it added.

The Dubai Residential Property Rental Price Index for all residential decreased by 0.9 points, from 82.2 to 81.3, which represents a decrease of 1.03 per cent in October 2018. Prices also decreased 10.05 per cent y-o-y.

Apartment rent prices registered a decrease in October 2018. Prices decreased 1.14 per cent m-o-m and also decreased 10.39 per cent y-o-y, said the report.

Villa rent prices registered a decrease in October 2018. Prices decreased 0.30 per cent m-o-m and also decreased 7.32 per cent y-o-y.

The Abu Dhabi Residential Property Sales Price Index for all residential decreased by 0.8 points, from 87.7 to 86.9, which represents a decrease of 0.90 per cent in October 2018. Prices also fell 6 per cent y-o-y.

Apartment sales prices registered a decrease in October. Prices decreased 1.43 per cent m-o-m and also decreased 6.98 per cent y-o-y, it stated.

However, the villa sales prices in the UAE capital registered an increase last month. Prices increased 0.84 per cent m-o-m but decreased 2.86 per cent y-o-y.

The Abu Dhabi Residential Property Rental Price Index for all residential decreased by 0.7 points, from 81.7 to 81.0, which represents a decrease of 0.77 per cent in October 2018. Prices also decreased 11.14 per cent y-o-y.

Apartment rent prices registered a decrease in October 2018. Prices decreased 0.68 per cent m-o-m and also decreased 11.55 per cent y-o-y, it added.

Interestingly, in the northern emirate of Sharjah, the market witnessed solid growth last month. The apartment sales prices registered an increase surging 2.57 per cent m-o-m and 3.17 per cent y-o-y.

The apartment rental prices in Sharjah registered a decrease in October. The prices were down 1.95 per cent m-o-m and also decreased 8.4 per cent y-o-y.

According to Reidin, its neeighbouring emirate Ajman followed the same UAE trend with the villa rental prices plunging 9.81 per cent y-o-y, it stated.

The apartment sales prices in Ajman registered a drop falling 2.37 per cent m-o-m and also decreased 11.84 per cent y-o-y, said the report.

Ajman apartment rent prices registered a decline in October falling 1.37 per cent m-o-m and 11.16 per cent y-o-y, it added.

The northern emirate of Ras Al Khaimah saw its apartment sales prices plunging in October, down 2.46 per cent m-o-m and 3.75 per cent y-o-y.

Ras Al Khaimah apartment rent prices registered a decrease in October 2018. Prices decreased 2.37 per cent m-o-m and also decreased 8.95 per cent y-o-y.-TradeArabia News Service