Ramadan has major significance in the UAE, as it is the month of reflection, kindness, showing gratitude and spending time with family. Another reason to enjoy the Ramadan period is making the most of attractive discounts in every sector of the economy, and real estate is no exception. There has always been a myth that the real estate market slows during Ramadan, however, it is actually a strong time for property sales. For instance, in 2022, Azizi Developments registered a whopping 80% surge in sales y-o-y during its major Ramadan flash sale, amidst reduced starting prices and DLD fee waivers. In this article, we will review the aspects that make Ramadan worth considering for property acquisition in Dubai.

Performance of Dubai's Real Estate Sector in Ramadan 2023

According to Dubai REST, the first week of Ramadan (March 23rd–29th) was highly productive, as the DLD registered AED 5.92B (USD 1.61B) worth of sales transactions, with a total of 2,379 properties sold, compared to 2,012 sales deals worth AED 5.3B (USD 1.44B) during the first week of Ramadan (April 1st–7th) in 2022. Such a strong performance demonstrates the confidence that homebuyers have in the Dubai real estate sector and the positive impact of the Golden Visa amendments on property sales. NBD! In 2023, the DLD introduced the Instant Sale feature, which eliminates the need for audit and significantly simplifies the procedure of property acquisition. The most popular projects based on the amount of units sold were Palace Residences — North, Elitz by Danube, The Diplomat Residences, Elvira, Elora, Ibiza, Seascape and Bluewaters Bay. At the same time, the most in-demand neighbourhoods were Jumeirah Village Circle, Dubai Creek Harbour, Business Bay, Dubai Marina, Town Square Dubai, Jumeirah Lakes Towers and the Burj Khalifa.

Why Acquire Property during Ramadan?

The most appealing features of property acquisition for investors and end-users during Ramadan include:

<ol><li>Special promotions from developers. For instance, during the previous Ramadan, Reportage Properties provided a 10% discount on all its residential units, in addition to a flexible payment plan with a 10% down payment and 1% monthly installments. Emaar Properties treated its clients to a 25/75 three-year post handover payment plan for 3-bedroom units in Creekside 18 and Harbour Gate, whilst a 50/50 two-year post-handover scheme was available for Creek Gate, Creek Horizon and Creek Rise.</li><li>Many people refrain from acquiring property during Ramadan and Eid, which makes the market less competitive for prospective buyers. As a result, you can negotiate better prices with homeowners when it comes to secondary real estate.</li><li>Banks are now offering 5-year fixed-rate mortgages at 5% as part of their Ramadan offers. If rates decrease, you will be able to easily refinance the deal and pay it off at the new indicators.</li><li>Thanks to the reduction of working hours, the Holy Month provides both buyers and sellers with more time to arrange viewings. Activity during the daylight hours is minimized, which leads to lowered traffic and congestion.</li></ol>

NBD! Ramadan is a perfect time to enjoy special sales in retail stores and signature menus in award-winning restaurants. In this article you will learn all about the activities in Dubai during Ramadan 2023.

Latest Lucrative Offers from Developers

Recently, many Dubai developers have launched an array of projects, including Mar Casa, UPSIDE and THE REGENT Residences. We will review the key features of the projects below:

<ol><li>Mar Casa is a 52-storey development by Deyaar in Dubai Maritime City, with a collection of stylish 1–3 bedroom apartments, 2-3 bedroom duplexes and 3-4 bedroom penthouses. Select layouts will feature a maid’s room, but each residence will come with a fully-equipped kitchen, smart access, advanced IP intercoms and lighting control systems. Among the world-class amenities in Mar Casa will be a spa health club, an infinity sky pool, a gym with a yoga room, a residents’ lounge and plenty more. The master developer offers a 100% DLD waiver fee as part of the promotion campaign.</li></ol>

<ol start="2"><li>UPSIDE by SRG Holding Ltd offers fully-furnished residences in Business Bay, namely studios and 1-bedroom units, along with full floors. Occupants will be able to benefit from SMEG appliances, sanitary ware and accessories by Carlo Frattini &amp; Geberit and European-made LED lighting. The residences will offer fantastic views of the Burj Khalifa. Amenities onsite encompass a games room, a sports court, a prayer room, a running track and much more. There is a 1-year post-handover 25/75 payment plan available, with the booking fee amounting to just 5%. Another perk of this project is a guaranteed 7% ROI over 3 years, which makes UPSIDE a perfect commercial investment.</li></ol>

<ol start="3"><li>THE REGENT Residences is the latest addition to Town Square Dubai by NSHAMA and includes studios and 1–3 bedroom apartments, in addition to duplexes. Among the key features of the properties are glazed porcelain floors and built-in wardrobes in the bedrooms, whilst kitchens will be equipped with scratch and stain proof preparation counters. When residing in THE REGENT Residences, you and your family will be able to enjoy gyms, a swimming pool, children’s play areas, retail and F&amp;B venues, among many other amenities. NSHAMA provides a 2% DLD waiver fee to prospective homebuyers.</li></ol>

How Can We Assist You?

Metropolitan Premium Properties will gladly assist you with property acquisition by accompanying you at every stage of transaction. We will find you your perfect property in accordance with your budget and requirements, collect the necessary documents, and register the property ownership in the respective government agencies. If required, our specialists will help you to apply for a mortgage, with the minimum down payment amounting to just 20% for first-time buyers, according to the UAE Mortgage Law. If you decide to lease your property after acquisition, our property management service will help you to enjoy passive income without having to worry about landlord responsibilities.