Highlights include:
- 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
June 2nd, Dubai: 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, the pioneering real estate portal in the MENA region.
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.
Summer effect
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.
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.
View graph here
About Property Finder – www.propertyfinder.ae
Property Finder is the leading digital real estate platform in the Middle East and North Africa region 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 startup, 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 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.
For media enquiries, please contact Anna Lucas Southgate
anna@propertyfinder.ae
+971 55 115 9971
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
