Ramadan is a holy and auspicious time of the year, however the property market in Dubai has a little to do with it. There are some discounts going on in the property market, but the overall condition of the real estate market during this time of the year is not affected because of Ramadan. Real estate market is most affected in Dubai during the summer months because of the school’s vacation schedules.
Most residents of Dubai continue their usual, regular life during the month of Ramadan as much as possible, and all the 300 schools in Dubai are currently open in this time of the year so not many of the families are now travelling. Over the last six years, Ramadan in Dubai has coincided with the summer months when it is assumed that most people will travel, especially to the hill stations, which has not really happened because of the school’s schedule.
Such family travels occur when Ramadan coincides with the school vacations. Some people also tend to change schools after a session, which is also a high time when properties are sold off and bought in a new location. Dubai property developers also try to grab the opportunity by offering discounts and deals during this time of year.
Biggest name in Dubai’s property market, Emaar Properties announces some new offers for the month of Ramadan, which sometimes includes a 100% waiver of the Dubai Land Department fees and a 3 year waiver on the service charges of the property. There is also a 25/75 down payment offer in which buyers only have to pay around 25% of the original before they move in, and the remaining 75% can be paid over a period of 3 years. You can look out for these offers from certain developers in the month of Ramadan.
Some buyers in the secondary market sometimes misinterpret Ramadan as a time to get a discounted deal and can hold themselves from buying until the Holy month arrives. This has also become a common practice over the last 5 or 6 years. Discounted summer sales are no longer so confirmed because fewer people are now leaving the city. So it has become a kind of misconception that developers will reduce prices over the hot summer months and buyers shall plan accordingly.
However, there are some things that should be kept in mind that works in favor of both buyers and sellers during this time of the year. Summer months and vacations definitely give the potential buyers more time to have a look at properties up for sale. The maximum home search appointments are fixed during this time of year. The reduction of work hours also works in the favor of potential home buyers.
Leading developers in Dubai have seen a rise of buyer and tenant registration during Ramadan and they mention the reason for it that people have more time to look for their new homes due to shorter work hours. With less pressure on work and more relaxed timings, the buyers are less stressful and more open when they look for homes, and can focus better on their future plans too. The maximum searches for property takes place between Sunday to Wednesday in Ramadan. Most of the on site physical home viewings are done during the evenings as the day is spent on fasting. Brokers also work late in the evening to ensure better focus to snap the deal. However, the market does not slow down and the business keeps running. The sale and purchase of properties remain average. That’s how Ramadan affects the property market in Dubai.