Dubai’s property market has experienced growth during Ramadan, contradicting expectations of a slowdown during the period, according to a new report by Betterhomes.
Data from 2023 and 2024 show increases in transactions, sales value, and property prices.
Transactions rose by 39 per cent, reaching 12,313 in Ramadan 2024, up from 8,846 in 2023.
Ramadan boosts Dubai property
The total sales value increased by 55 per cent to AED32.6 billion in 2024, compared to AED21 billion in 2023.
The average sales price grew to AED2.65 million in 2024, a 12 per cent increase from AED2.37 million in the holy month of 2023.
Villa prices reached AED9.85 million, up 10 per cent from AED8.95 million, while townhouse prices jumped 22 per cent to AED3.11 million from AED2.55 million.
Price per square foot also increased across property types. The market average rose to AED1,741 in 2024 from AED1,507 in 2023. Apartments commanded AED1,821 per square foot, while townhouses reached AED1,169 per square foot.
The first fortnight of Ramadan 2024 showed momentum, with 5,608 transactions (28 per cent higher than 2023) and sales totalling AED 14.8 billion (38 per cent higher than 2023).
Market analysts attribute this growth to “exclusive Ramadan offers” from developers, including payment plans, discounts, and fee waivers.
“The reduced overall market activity during Ramadan means that those engaging in property transactions are highly motivated, leading to quicker deal closures,” the report said.
Looking ahead to Ramadan 2025, experts predict transaction volume will reach approximately 13,500, with total sales value projected at AED36 billion.
The average sales price is expected to increase to AED2.7 million, with villa prices potentially reaching AED10 million.
Price per square foot is forecast to rise to AED1,750 for apartments and AED1,200 for townhouses as demand continues for properties in Dubai.
“Dubai remains a top choice for global investors, and Ramadan has proven to be a dynamic period for real estate activity. Rather than slowing down, the market pulses with energy, driven by strategic opportunities and continued buyer interest. For sellers, it’s a great time to list properties. For buyers and investors, Ramadan presents a chance to secure prime assets before prices rise even further,” the report said.
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