Leading real estate developers in Dubai have come up with tempting offers, including up to 15 percent discount on payment plans and partial waiver on Dubai Land Development (DLD) fees to aggressively woo buyers during the ongoing Ramadan period, usually considered as a slowdown period for home buying, industry insiders said.
Companies such as Danube are said to be offering free full furnishing and a 2 percent waiver on DLD fees, while Tiger Properties and DAMAC Properties are said to have come up with huge price discount offers on select properties.
“Tiger Properties is offering a 15 percent discount with a payment plan for units in its Red Square Tower, while DAMAC is also offering price discounts on select properties,” Farooq Syed, CEO of Springfield Properties, a leading property services company in Dubai, told Arabian Business.
“Al Habtoor Group is also offering a 2 percent waiver on DLD fees for buyers in its Habtoor Tower project, and Sobha Realty has also come up with a similar offer,” he said.
Syed said this year’s Ramadan presents unique investment opportunities for buyers as several leading companies in Dubai have come up with targeted promotional offers.
Industry insiders said sellers in the city’s secondary property market are also offering strategic pricing options, besides tweaking their sales promos with the season’s ethos to attract buyers in the Ramadan period.
Property buyers advised to plan for Ramadan adjustments
Syed said home buyers should follow a nuanced approach to follow the property purchase process currently as the Holy Month necessitates adjustments in administrative and regulatory processes due to reduced working hours.
“Stakeholders are advised to anticipate these changes, ensuring smooth transactional processes through proactive planning and clear communication,” he said, while sharing strategic approaches for navigating Dubai’s real estate market’s unique operational tempo during Ramadan with Arabian Business.
The Springfield Properties’ top executive, however, said despite a perceived seasonal slowdown, recent years’ data showed that Dubai’s real estate market maintains robust activity levels during Ramadan.
“The period is marked not by decreased transactions but by adjusted operational hours, with significant business conducted post-iftar,” he said, adding that “this shift underscores the market’s adaptability and the continuity of investor interest”.
Record Dubai property deals inked in busy Ramadan periods
Industry players said real estate transactions, especially in the residential sector, have been seeing a steady rise in recent years, mainly on account of targeted promotional offers by developers.
Digital platform Dubai REST (Dubai Real Estate Self Transaction), reported the city’s real estate market experiencing remarkable productivity during the initial week of Ramadan in 2023 (March 23–29), with the Dubai Land Department (DLD) recording AED5.92 billion ($1.61 billion) in sales transactions from the sale of 2,379 properties.
This surpasses the figures from the same period in 2022 (April 1-7), where 2,012 properties were sold, amounting to AED5.3 billion ($1.44 billion).
“The surge in sales [even during the Ramadan period in recent years] underscores the strong confidence of homebuyers in Dubai’s real estate sector,” Syed said.
Industry players attributed the surge during last year’s Holy Month period in home buying in Dubai partially to the Golden Visa scheme, which has bolstered foreign investor confidence and interest in the emirate’s property sector.
They, however, said if investors and sellers adapt to market sentiments, they can capitalise on the spike in opportunities arising from the slew of targeted marketing offers by developers during the Ramadan period.
“Real estate professionals, however, should schedule activities that consider Ramadan’s timing and maintain a high degree of professionalism and market engagement for facilitating successful transactions,” Syed said.
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