Real estate transactions worth $1.5bn (AED5.6bn) were carried out in Dubai during Ramadan 2019, with off-plan deals valued at $ (AED2.63bn), marking a 51% hike over corresponding figures for Ramadan 2018, with Property Finder's director of research and data, Lynette Abad, calling the perception of a real estate slowdown during Ramadan "a myth".
Downtown Dubai, Meydan One, and The Lagoons in the Dubai Creek Harbour were the most popular areas for off-plan purchases, with a spike in demand for projects such as Dubai South, Dubai Hills Estate, Mohammed Bin Rashid City, and Jumeirah Village Circle (JVC) also noted during the period.
The emirate witnessed 3,089 transactions during Ramadan 2019 compared to 2,684 transactions last year.
“Although it is generally perceived that property sales dip during Ramadan owing to shorter working hours, this is mostly a myth,” Abad said.
She added: “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.”