2015 witnessed a spike in real estate sales during the Holy Month
Real estate transactions in Dubai during the Holy Month of Ramadan have been consistent for the past four years, with 2015 seeing a spike in sales, reveals analysis by the Research & Data team at Property Finder.
In 2015, 13% of the overall property sales transactions in the Dubai market were during Ramadan. The value of these sales was AED 9.11 billion compared to AED 75.3 billion for the whole year. There were 3,870 transactions during Ramadan compared to 30,737 sales for the entire year. This made June 2015 the highest grossing Ramadan month for property sales in Dubai 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,” says Lynnette Abad, Director of Research & Data, Property Finder.
- In 2015, 13% of overall property sales in Dubai were during Ramadan
- Ramadan has coincided with summer since 2008
- It is a good time to look for deals since there is less competition in the market
Ramadan has coincided with summer since 2008. The excess heat and school holidays combined weigh on property sales, with house viewings decreasing and several families travelling back home.
In 2018, 8% of the overall property sales transactions in Dubai happened during Ramadan (May-June). These were cumulatively worth AED 6.49 billion compared to AED 76.27 billion for the market as a whole. In terms of volume, Ramadan witnessed 2,684 transactions versus 34,961 sales 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. The number of sales transactions during Ramadan does not fall dramatically compared to the preceding months,” Abad adds.
For instance, in 2017, 6% of the overall real estate sales in Dubai occurred during Ramadan. They accounted for AED 5.3 billion compared to AED 82.39 billion for the whole year. These include sales of villas, apartments, lands and commercial units.
Although it is generally perceived that property sales dip during Ramadan owing to shorter working hours, this is mostly a mythLynnette Abad, Director of Research & Data, Property Finder
Similarly, in 2016, 7% of the overall property sales happened during Ramadan. They were valued at AED 5.08 billion versus AED 68.9 billion for all of 2016. Ramadan saw 2,258 sales compared to 30,417 transactions for the whole year.
Consider Ramadan sales during a year in contrast: 2008, when the Dubai property market was affected by the global economic downturn. Sales during Ramadan were worth only AED 700 million and made up 8% of the overall property sales in Dubai (valued at AED 11.5 billion). Dubai clocked 2,684 property sales during Ramadan compared to 34,961 transactions for the whole year.