How Ramadan Affects the Dubai market?
During the month of Ramadan, Dubai property developers demonstrate their generosity to potential buyers with exclusive offers.
This Ramadan, Emaar Properties have put together a few exclusive offers for home buyers to avail. These include a 100% waiver on Dubai Land Department Fees, a 3-year waiver on service charges on the property and a 25/75 offer whereby buyers pay only 25% of the sale prior to move in and pay the further 75% over a three 3-year period post completion.
However, buyers in the secondary market can sometimes misinterpret Ramadan as a time to get a distressed sale and can even hold off buying until the Holy month arrives. This has also become more apparent over the last 5 or 6 years, again, because Ramadan has happened to fall over the summer months.
When schools break up for summer this can occasionally be a time where families will move on and sell their property but, gone are the days of distressed summer sales. We see fewer people leaving the city and more people taking advantage of the school holidays to move to a different home in Dubai.
It is a myth that sellers will slash prices during Ramadan and over the hotter summer months and this is something buyers should be aware of.
According to Property Finder, the most property searches during Ramadan take place from Sunday through to Wednesday. Their data also shows that the property market keeps its frenetic pace during Ramadan.