Dubai: During the holy month of Ramadan, the working day is reduced by two hours however, this has never had an adverse effect on the Dubai real estate market as we continue to see the same amount of transactions. But in 2021 we saw the highest number of transactions historically in the month of Ramadan, 4,804 property sales worth AED 9.99 billion.
Ramadan 2015 came closest with 3,870 property sales transactions and since then the number of transactions in the month of Ramadan have 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. The number of transactions in 2021 grew by 211 percent compared to 2020 and 57 percent 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. 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 Ramadan. ” according to Lynnette Abad Sacchetto, Director of Research & Data
Out of all the sales that took place this year during Ramadan, 60 percent of all transactions were for secondary/ready properties and 40 percent were for off-plan properties. When we look at the volume of transactions, the off-plan market transacted 2,019 properties worth a total of AED 3.09 billion and the secondary market transacted 2,785 properties worth a total of AED 6.89 billion.
In the villas/townhouses sector, 17.3 percent of all sales in Ramadan 2021 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).
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.
About Property Finder – www.propertyfinder.ae
Property Finder is the leading property portal in the MENA region and Turkey that facilitates the house-hunting journey for both buyers and renters.
Founded in 2007, the website has evolved over the years as the go-to platform for developers, real estate brokerages, and house hunters to make informed decisions on all things real estate.
A UAE-born start-up, Property Finder has branched out of the country’s shores and operates in a total of seven markets, including Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt, and Morocco, and has a significant stake in the second-largest property portal in Turkey, which has over 6 million monthly visitors and more than 18,000 real estate agents.
US private equity firm General Atlantic led Property Finder’s latest round of investment of a total of $120 million in 2018. This is being used to hire further exceptional talent and investing in its technology and product capabilities.
The property portal employs over 450 employees globally, of which 204 people work out of its Dubai office, and generates over six million monthly visits as a Group.
In April 2019, Property Finder announced the acquisition of JRD Group, following an increased investment in Turkish portal Zingat.
In 2014, Property Finder acquired eSimsar.com, the top property portal in Saudi Arabia, while in 2013, the Group bought out realestate.com.lb, the number 1 property portal in Lebanon, and lastly, the acquisition of Selektimmo, a Moroccan portal, to pad out sarouty.ma, Property Finder’s Moroccan offering, in 2016.
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© Press Release 2021