Off-plan property sales increased in both volume and value this year compared to Ramadan 2018
The Holy Month of Ramadan was eventful for the Dubai property market in 2019, both in terms of the volume and value of property transactions concluded. Property deals cumulatively worth AED5.6 billion were transacted in Dubai solely during Ramadan this year, reveals analysis by the Research & Data team at Property Finder.
Off-plan sales are continuing strong this year and did not slow down during the month of Ramadan. Based on all the data, it is clear that Ramadan property sales have remained consistent with all the other months throughout the year over the last few years. Therefore, the statement that property sales slow down during Ramadan is pure mythLynnette Abad, Director of Research & Data, Property Finder
Ramadan has coincided with summer since 2008. House viewings tend to decrease during summer in Dubai owing to the heat and school holidays, resulting in several families travelling. However, this year is different since Ramadan was observed before summer. This could partly explain the high value of property transactions during Ramadan this year.
Most off-plan property transactions during Ramadan this year have been in Downtown Dubai, Meydan One and The Lagoons in Dubai Creek Harbour. Projects like Dubai South, Dubai Hills Estate, Mohammed Bin Rashid City and Jumeirah Village Circle (JVC) also saw healthy off-plan demand.
“It is important to note the total average price for off-plan residential transactions has increased year on year. The overall average price for off-plan residential transactions in 2018 was AED 1.23 million while in 2019, the overall average price is AED 1.42 million,” says Abad.
Volume of transactions
In terms of volume, Dubai witnessed a total of 3,089 transactions during Ramadan 2019 compared to 2,684 transactions for the same timeframe last year.
There were 1,851 off-plan transactions registered in Dubai throughout the Holy Month in 2019. This is a 31% increase compared to the 1,417 off-plan deals transacted during Ramadan 2018 and up 34% compared to the 1,377 off-plan property deals during Ramadan 2017.