This year’s Ramadan witnessed a total of 4,804 property deals all over Dubai, the highest in the last six years with the deal volumes worth AED10 billion ($2.27 billion). Of this, 71% of the deals were for apartments and 29% villa/townhouses, as per UAE-based real estate portal Property Finder.
Ramadan in 2015 came closest with 3,870 property deals and since then the count of deals for this festive period has averaged about 2,500 every year.
Ramadan 2020, being in the midst of the pandemic and in the lockdown, the previous year, witnessed 1,543 deals. However, the deals this year increased by 211% in comparison to 2020 and 57% in comparison 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, remarked Lynnette Abad Sacchetto, the Director of Research & Data.
“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 the month,” she added.
As per her view, out of all the deals that took place this Ramadan, 60% were for secondary/ready properties and 40% for off-plan properties.
“When we look at the volume of transactions, 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,” she added.
As per Property Finder data, in the villas/townhouses sector, 17.3% of Ramadan deals took place in Mohammed bin Rashid City, then comes Dubai Hills Estate (9.5%), Dubai Land (8.8%), Nad Al Sheba (4.8%) and Arabian Ranches 3 (4.4%).
Looking at apartments, 10.1% of all sales deals 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), it stated.
There were 4 luxury, high-cost property deals of over AED 50 million that took place in Ramadan 2021. Three of them were on Palm Jumeirah ranging from AED 70 million to AED 105 million and one of them took place in Emirates Hills at AED 72.3 million.