The residential property prices in the rental market of Dubai, UAE, fell 4.2 per cent year-on-year (y-o-y) in April mainly due to a sharp decline in rental prices of both villa and apartments in the emirate, said a report.

The residential property prices in the rental market of Dubai, UAE, fell 4.2 per cent year-on-year (y-o-y) in April, said a top industry expert.

The Dubai Residential Property Sales Price Index for all residentials decreased by 1.4 points, from 259 to 257.6, which represents a decrease of 0.53 per cent in April 2016.

On the other hand, the prices decreased 7.5 per cent y-o-y, stated Reidin, a real estate information company focusing on emerging markets, in its report.

Apartment sales prices registered a decrease in April 2016. Prices decreased 0.75 per cent m-o-m (month-on-month) and also decreased 7.3 per cent y-o-y, it added.

On the Dubai villa sector, the expert said the sales prices registered an increase in April. Prices increased 0.40 per cent m-o-m but decreased 8.2 per cent y-o-y.

Residential property prices in Dubai rental market increased by 0.05 points, from 98.69 to 98.74, which represents an increase of 0.05 per cent in April 2016. On the other hand, prices decreased 4.2 per cent y-o-y, it added.

According to Reidin, the apartment rental prices in Dubai registered an increase last month. Prices increased 0.14 per cent m-o-m but decreased 3.9 per cent y-o-y.

Villa rental prices registered a decrease in April 2016. Prices decreased 0.46 per cent m-o-m and also decreased 6.3 per cent y-o-y, it added.

On the Abu Dhabi market, Reidin said the residential property price index for all residentials decreased by 0.6 points, from 83.6 to 83.0, which represents a decrease of 0.71 per cent in April 2016. On the other hand, prices increased 1.3 per cent y-o-y.

Apartment sales prices registered a decrease in April. Prices decreased 0.58 per cent m-o-m and also decreased 0.8 per cent y-o-y.

According to the property expert, the villa sales prices registered a decrease in April 2016. Prices decreased 1.13 per cent m-o-m but increased 3 per cent y-o-y, it added.

Residential property prices in Abu Dhabi rental market decreased by 0.08 points, from 66.84 to 66.76, which represents a decrease of 0.12 per cent in April 2016. On the other hand, prices decreased 0.4 per cent y-o-y.

Apartment rental prices registered a decrease last month. The prices decreased 0.13 per cent m-o-m and also decreased 1.2 per cent y-o-y.

On the villa rental prices, Reidin said Abu Dhabi market registered a decrease in April. Prices decreased 0.04 per cent m-o-m but increased one per cent y-o-y.-TradeArabia News Service