Contrary to popular belief, property sales remained steady during Ramadan and were consistent with the last four years, according to Property Finder statistics.
In 2015, Ramadan sales spiked, with 13 percent of that year’s overall property sales transactions taking place that month. The value of the sales was AED 9.11 billion, compared to AED 75.3 billion for the whole year, making it the highest grossing Ramadan month in a 10-year timeframe.
“Although it is generally perceived that property sales dip during Ramadan owing to shorter working hours, this is mostly a myth,” said Lynette Abad, the director of research and data at Property Finder.
Ramadan has coincided with summer since 2008. According to Property Finder, the excess heat and school holidays both weigh on property sales, with house viewing decreasing and families travelling back home.
In 2018, 8 percent of overall property sales transactions in Dubai took place during Ramadan, cumulatively worth AED 6.49 billion compared to AED 76.27 billion for the year.
In terms of volume, the month saw 2,684 transactions, compared to 34,961 for the whole year.
“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,” Abad added. “The number of sales transactions during Ramadan does not fall dramatically compared to the preceding months.”
In 2017, 6 percent of overall real estate sales - worth AED 5.3 billion - in Dubai took place during Ramadan, compared to 7 percent in 2016 worth 5.08 billion.
In 2008, the year that the Dubai property market was impacted by the global economic downturn, Ramadan sales were worth AED 700 million, constituting 8 percent of the overall property market.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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