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Dubai: Property transactions in Dubai during this year’s Ramadan weeks came to a substantial Dh9.99 billion – an all-time high in what is typically a quiet period for the local real estate market. The highest valued deal was a Palm villa, which was bought for Dh105 million.
Between mid-April to the Eid break, there were 4,804 sales adding up to this near Dh10 billion mark, according to data from Property Finder. “We can see this year the record breaking trends since the ease in lockdown continued during Ramadan,” said Lynnette Sacchetto, Director of Research & Data.
The previous highest Ramadan transaction tally was in 2015, with 3,870. Since then, the average during the Holy Month has been in the 2,500 deals range. But last year saw that dip to 1,543 sales, which coincided with the COVID-19 lockdown phase.
More property sales in Dubai are starting to take place in the secondary market, with investors homing in on ready units. Interestingly, even on ready homes, developers are more than willing to extend payment plans beyond five years. For instance, at the Akoya community, homes are being advertised with 10-year payment plans and at no interest.