This year's Ramadan witnessed a total of 4,804 property transactions across Dubai, the highest in the last six years with the deal volumes worth AED10 billion ($2.27 billion). Of this, 71 per cent of the transactions were for apartments and 29 per cent villa/townhouses, according to UAE-based real estate portal Property Finder.
 
Ramadan in 2015 came closest with 3,870 property sales transactions and since then the number of transactions for this festive period has averaged around 2,500 every year.
 
Ramadan 2020, being in the midst of the pandemic and in the lockdown last year, saw 1,543 sales transactions. However, the transactions this year grew by 211 per cent compared to 2020 and 57 per cent 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, 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.
 
According to her, out of all the sales that took place this Ramadan, 60 per cent were for secondary/ready properties and 40 per cent 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 percent of all Ramadan sales 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).
 
Looking at 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), it stated.
 
There were 4 luxury, high valued property sales 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 valued at AED 72.3 million.-TradeArabia News Service

Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.