The residential property prices in the rental market in Dubai, UAE, plunged 3.6 per cent year-on-year (y-o-y) in March mainly due to a steep fall in 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  from 259.4 to 258.4, which represents a decrease of 0.37 per cent in March 2017. On the other hand, prices decreased 0.23 per cent y-o-y, stated Reidin.com, a real estate information company focusing on emerging markets.

Apartment sales prices registered a decrease in March cmpared to the same peroid last year. The prices decreased 0.44 per cent m-o-m and also decreased 0.12 per cent y-o-y.

Villa sales prices too registered a decline over the same period last year. Prices decreased 0.12 per cent m-o-m but increased 0.70 per cent y-o-y, stated the report.

The Dubai Residential Property Rental Price Index for all residential increased by 0.3 points, from 94.8 to 95.1, which represents an increase of 0.35 per cent in March.

Apartment rental prices registered an increase in March 2017. Prices increased 0.45 per cent m-o-m but decreased 2.96 per cent y-o-y, it added.

According to Reidin, the villa rental prices too registered a drop with prices falling 0.26 per cent m-o-m and 7.43 per cent y-o-y.

On the Abu Dhabi residential property scenario, Reidin said the sales price index for all residential decreased by 0.8 points, from 78.6 to 77.8, which represents a decrease of 1.06 per cent in March.

On the other hand, prices decreased 7.01 per cent y-o-y, it stated.

Apartment sales prices registered a decrease in March 2017. Prices decreased 0.80 per cent m-o-m and also decreased 6.65 per cent y-o-y.

Villa sales prices registered a decrease in March 2017. Prices decreased 1.67 per cent m-o-m and also decreased 7.98 per cent y-o-y, said the report by Reidin.

The Abu Dhabi Residential Property Rental Price Index for all residential decreased by 0.6 points, from 61.2 to 60.6, down one per cent in March 2017. On the other hand, prices decreased 9.41 per cent y-o-y.

Apartment rental prices registered a decrease in March 2017. Prices decreased 1.07 per cent m-o-m and also decreased 10.65 per cent y-o-y, said the report.

Villa rental prices registered a decrease in March 2017. Prices decreased 0.83 per cent m-o-m and also decreased 5.54 per cent y-o-y, it added.-TradeArabia News Service