Ramadan is the ninth month of the Islamic calendar, in 2019, it begins around the beginning of May. Lasting almost 30 days every year, practicing Muslims fast from dawn until sunset, pray, read the Quran, engage in charity and also generally avoid acts that are considered sinful. These grateful deeds are considered to bring practitioners closer to God.
The month of Ramadan is not only marked by dusk to dawn fasting but also tends to draw crowds into shopping malls, especially in Dubai. Generally, shopping malls and retail shops expect an increase in the number of sales this month. However it is generally assumed that real estate sales and transactions slowdown in Ramadan, but this is actually far away from reality. After looking at the market trends for the past few years we noticed that it may be true that the market sees a small pause, but this is generally because the holy month often comes during summer and we generally always notice a slowdown in sales during summer, and if we compare Ramadan with only the months of summer, we actually see an increase in the number of sales.
But from an investor’s point of view, the main question to ask is whether Ramadan is a good time to invest in Dubai’s property market?
The short answer is YES!, the number of real estate transactions might be a little slower, but those who buy during this Holy month usually benefit from new project launches that come with Special Offers.
In fact, we often see leading developers launch major off plan projects just before the holy month starts. A great example of such a developer is Emaar, they launched 3 major projects around the end of April 2019 which is just before Ramadan. These 3 projects were “Emaar Golf Villas 4”, “Creek Edge” and “Elie Saab”, all of which are expected to sell out during Ramadan.
In addition, it is also common that major developers provide great deals to celebrate this month, for instance, to celebrate the Holy Month of Ramadan, DAMAC Properties, a leading luxury real estate developer in the region, offered savings of up to AED 500,000 on a selected range of ready properties including apartments and villas in DAMAC Hills, Jumeirah Golf Estates, the Burj Area, Jumeirah Lakes Towers and Jumeirah Village Circle, these amazing deals were announced during last Ramadan by the developer.
It is true that the beginning of the year is when the real estate market sales are boosted, but real estate agents often recommend investors to invest during Ramadan as they could take full advantages of the generous deals which are offered only during this time of the year.
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