During the holy month of Ramadan, the working day is reduced by two hours however, this has never had an adverse effect on the Dubai real estate market as we continue to see the same amount of transactions.

But in 2021 we saw the highest number of transactions historically in the month of Ramadan, 4,804 property sales worth AED 9.99 billion.Ramadan 2015 came closest with 3,870 property sales transactions and since then the number of transactions in the month of Ramadan have averaged around 2,500 every year. Ramadan 2020, being in the midst of the pandemic and in the lockdown last year, saw 1,543 sales transactions. The number of transactions in 2021 grew by 211 percent compared to 2020 and 57 percent compared to 2019. 

“There was always a myth that the real estate market slowed down during Ramadan and a few years ago we dove into the data and debunked that myth. Ramadan has proven to be a strong time for real estate sales and as we can see this year the record breaking trends since the ease in lockdown continued during Ramadan. ” according to Lynnette Abad Sacchetto, Director of Research & Data 

Out of all the sales that took place this year during Ramadan, 60 percent of all transactions were for secondary/ready properties and 40 percent were for off-plan properties. When we look at the volume of transactions, the off-plan market transacted 2,019 properties worth a total of AED 3.09 billion and the secondary market transacted 2,785 properties worth a total of AED 6.89 billion. 

In the villas/townhouses sector, 17.3 percent of all sales in Ramadan 2021 took place in Mohammed bin Rashid City, followed by Dubai Hills Estate (9.5 percent), Dubai Land (8.8 percent), Nad Al Sheba (4.8 percent) and Arabian Ranches 3 (4.4 percent). Looking at apartments, 10.1 percent of all sales transactions took place in Jumeirah Village Circle followed by Jumeirah Lakes Towers (9.5 percent), Dubai Marina (8 percent), DownTown Dubai (7.1 percent) and Al Jaddaf (5.9 percent).

There were 4 luxury, high valued property sales over AED 50 million that took place in Ramadan 2021. Three of them were on Palm Jumeirah ranging from AED 70 million to AED 105 million and one of them took place in Emirates Hills valued at AED 72.3 million. 

Ramadan

Year

Number of Property Sales Transactions

2008

935

2009

988

2010

1208

2011

1225

2012

1510

2013

2841

2014

1845

2015

3870

2016

2258

2017

2542

2018

2684

2019

3054

2020

1543

2021

4804

Source: Property Finder



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