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DUBAI / Emirates Business
The Holy Month of Ramadan has been eventful for the Dubai property market in 2019, both in terms of the volume and value of property transactions concluded. Property deals
cumulatively worth AED5.6 billion ($1.5 billion) were transacted in Dubai solely during Ramadan this year, reveals analysis by the Research & Data team at Property Finder, the Mena region’s leading property portal.
Breaking this down further, there were off-plan transactions worth AED2.63 billion in Dubai during Ramadan 2019. This is an increase of 51 percent compared to off-plan property deals worth AED1.74 billion during Ramadan 2018 and an increase of 54 percent compared to off-plan transactions worth AED1.71 billion during Ramadan in 2017.
“It is also important to note the total average price for off-plan residential transactions has increased year on year. The overall average price for off-plan residential transactions in 2018 was AED1.23 million while in 2019, overall average price is AED1.42 million,†says Lynnette Abad, Director of Research & Data, Property Finder. Most off-plan property transactions during Ramadan this year have been in Downtown Dubai, Meydan One and The Lagoons in Dubai Creek Harbour. Projects like Dubai South, Dubai Hills Estate, Mohammed Bin Rashid City and Jumeirah Village Circle (JVC) also saw healthy off-plan demand.
Dubai witnessed AED3.04 billion worth of properties exchange hands on the secondary market during the Holy Month.
In terms of volume, Dubai witnessed a total of 3,089 transactions during Ramadan 2019 compared to 2,684 transactions for the same timeframe last year.
There were 1,851 off-plan transactions registered in Dubai throughout Holy Month in 2019. This is a 31 percent increase compared to 1,417 off-plan dea-ls transacted during Ramadan 2018 and up 34 percent compared to 1,377 off-plan property deals during Ramadan 2017.
“Off-plan sales are continuing strong this year and did not slow down during the month of Ramadan. Based on all the data, it is clear that Ramadan has remained consistent with all the other months throughout the year over the last few years,†adds Abad.