Ramadan 2021 saw most transactions recorded in Dubai during the holy month

Out of the total number of property transactions during Ramadan, 60 percent were for secondary/ready properties and 40 percent were for off-plan properties. The off-plan market transacted 2,019 properties worth a total of AED3.09 billion and the secondary market transacted 2,785 properties worth a total of AED 6.89 billion.

In the villas/townhouses sector, 17.3 percent of all sales in Ramadan 2021 took place in Mohammed bin Rashid City, followed by Dubai Hills Estate (9.5 percent), Dubai Land (8.8 percent), Nad Al Sheba (4.8 percent) and Arabian Ranches 3 (4.4 percent).

In terms of apartments, 10.1 percent of all sales transactions took place in Jumeirah Village Circle followed by Jumeirah Lakes Towers (9.5 percent), Dubai Marina (8 percent), Downtown Dubai (7.1 percent) and Al Jaddaf (5.9 percent).

There were 4 luxury, high valued property sales over AED50m that took place in Ramadan 2021. Three of them were on Palm Jumeirah ranging from AED70m to AED105m and one of them took place in Emirates Hills valued at AED72.3m.

While Ramadan 2015 came close to this year’s solid performance with 3,870 property sales transactions, the average number of transactions during the holy month since then has been 2,500, according to Property Finder.

Ramadan last year fell during the coronavirus lockdown, and the number of property sales was 1,543. The number of transactions in 2021 grew by 211 percent compared to 2020, and 57 percent compared to 2019.

“There was always a myth that the real estate market slowed down during Ramadan and a few years ago we dove into the data and debunked that myth. Ramadan has proven to be a strong time for real estate sales and as we can see this year the record breaking trends since the ease in lockdown continued during Ramadan,” said Lynnette Abad Sacchetto, director of research & data at Property Finder.