Dubai’s Real Estate Market Held Steady During Ramadan

There was 5.6 billion AED in activity in Dubai during Ramadan

Dubai’s real estate market did not slow down during the holy month of Ramadan, a period typically marked by fewer home sales, according to a report Tuesday from real estate website Property Finder. 
Property deals worth 5.6 billion AED were transacted in Dubai during the holiday, which ran from May 5 to June 3 this year. 

Dubai had 3,089 transactions during this year’s Ramadan, a jump over the 2,684 transactions during the holiday last year. 
While there are no restrictions in place for buying property during Ramadan, it marks a far less active time across the Gulf as people observe the holiday. 

The increase is likely due to the timing of the holiday, the report said. From 2008 to last year, Ramadan coincided with summer. House viewings tend to dwindle during summer in Dubai due to the heat, school holidays and increased travel of potential buyers.  

The most money, 3.04 billion AED was spent on secondary—or resale—homes, though that was a decline on what was spent on resales during Ramadan in both 2018 and 2017, according to the report. But off-plan new development homes followed closely behind, according to the report. 

2.63 billion AED was spent on off-plan property during Ramadan this year. But unlike for resale, the figure was up from 1.74 AED billion in 2018 and 1.71 billion AED in 2017. 
The number of transactions and the average price for off-plan residential transactions increased year-on-year, too. 
“The overall average price for off-plan residential transactions in 2018 was 1.23 AED million, while in 2019, the overall average price is 1.42 million AED” Lynnette Abad, director of research and data at Property Finder, said in the report. 
Meanwhile, there were 1,851 off-plan sales registered in Dubai throughout the holiday in 2019—a 31% increase compared to Ramadan 2018 and up 34% compared to the same time in 2017.