Built to inform

Sign up for the daily newsletters

No, Thank you

Property Finder expert says market slowdown during Ramadan 'a myth'

Dubai posts real estate transactions worth $1.5bn during Ramadan 2019, marking a 51% hike over 2018 figures

Dubai saw $1.5bn property deals during Ramadan 2019.
Getty Images
Dubai saw $1.5bn property deals during Ramadan 2019.

Real estate transactions worth $1.5bn (AED5.6bn) were carried out in Dubai during Ramadan 2019, with off-plan deals valued at $ (AED2.63bn), marking a 51% hike over corresponding figures for Ramadan 2018, with Property Finder's director of research and data, Lynette Abad, calling the perception of a real estate slowdown during Ramadan "a myth".

Downtown Dubai, Meydan One, and The Lagoons in the Dubai Creek Harbour were the most popular areas for off-plan purchases, with a spike in demand for projects such as Dubai South, Dubai Hills Estate, Mohammed Bin Rashid City, and Jumeirah Village Circle (JVC) also noted during the period.

The emirate witnessed 3,089 transactions during Ramadan 2019 compared to 2,684 transactions last year.

“Although it is generally perceived that property sales dip during Ramadan owing to shorter working hours, this is mostly a myth,” Abad said. 

She added: “Although the number of property seekers dips a bit because people travel during the sluggish summer months, it is a good time to look for deals since there is less competition in the market.

"The number of sales transactions during Ramadan does not fall dramatically compared to the preceding months.”

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 754
Nov 23, 2019