Dubai property deals in Ramadan hit AED5.6bn
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.