Recent reports by Betterhomes are indicative of this trend, highlighting transaction sales values alongside property prices in Ramadan of both 2023 and 2024.
Surge in Transactions and Sales Values
In the last Ramadan of 2024, property transactions increased by 39% in Dubai, with 12,313 transactions as compared to the 8,846 transactions recorded in 2023. The increase during this period in total sales value was also impressive at 55%, with a realised sales value of AED 32.6 billion in 2024 as against AED 21 billion in 2023. Such an increase indicates that there is healthy demand and a vibrant real estate environment during a traditionally less busy time for business transactions.
Rising Property Prices
In fact, the average property sales price has been found to increase and it is predicted that it could further rise to AED2.65 million by the year 2024, compared to AED2.37 million in 2023, which is equal to a 12% increase. In particular, prices of villas increased from AED8.95 million to AED9.85 million which is considered a rise of more than 10 percent, while the price of townhouses saw a soaring increase of 22% to reach AED 3.11 million. Last but not least, per square foot price increases across the board averaged AED 1,741 for the market in 2024 versus AED 1,507 in 2023. The average per square foot went: Apartments-AED1,821; Townhouses-AED1,169.
Early Ramadan Momentum
Almost half of Ramadan 2024 has been executed with vigour, with over 5,608 transactions—28% higher than the figures for the same period in 2023—and total sales of AED 14.8 billion, marking a 38% enhancement over 2023. All this early activity indicates that buyers and sellers alike are eager to take advantage of the market during Ramadan and the opportunities it provides.
Developer Incentives Driving Growth
Various market analysts attribute the growth to the developers’ offers of “exclusive Ramadan offers,” flexible payment plans, discounts, and fee waivers. These Ramadan Property Deals in Dubai make the investments more appealing during the holy month. According to the report, Ramadan practices greatly reduce overall market activity, thus allowing anyone hitting the transaction during the month to negotiate quickly and close the deal with greater temerity.
Projections for Ramadan 2025
Experts foresee the increasing trend in Ramadan 2025 beyond. Transaction volumes are projected to come in at about 13,500, with total sales value expected to reach AED 36 billion. The average selling price is expected to hit AED2.7 million, with villas selling for AED 10 million at the upper price level. Per-square-foot price is projected to increase to AED1,750 for apartments and AED1,200 for townhouses, indicating the strong and sustained demand for Dubai properties.
Dubai’s Appeal to Global Investors
Real estate activities have been very active during the Ramadan month, with Dubai still being a favourable destination for global investors. The market thrives on strategic opportunities supported by a steady influx of buyers rather than coming to a standstill. Sellers should be setting up properties to market while buyers and investors may want to take advantage of the moment to buy before rates shoot up.
Conclusion
Interestingly, over the last couple of years, the data they collected recommend that it should no longer be perceived as a slow time for Dubai Real Estate during the celebrated Ramadan. The combination of attractive developer incentives, committed buyers, and a tough market have potentially turned the month into “golden window” property investment. As the holy month approaches, investors and end-users are encouraged to explore what Dubai has to offer during this vibrant period in property.
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