Danube, among others, reportedly provides complimentary full furnishing and a 2% waiver on Dubai Land Development fees. Additionally, Tiger Properties and DAMAC Properties are purportedly offering significant price discounts on specific properties.
Real estate developers in Dubai are enticing buyers with attractive deals during the Ramadan period, typically a slow season for home purchases, according to industry insiders. Offers include discounts of up to 15 percent on payment plans and partial waivers on Dubai Land Development (DLD) fees. Danube, for example, is reportedly providing free full furnishing along with a 2 percent DLD fee waiver, while Tiger Properties and DAMAC Properties are offering significant price reductions on specific properties.
Farooq Syed, CEO of Springfield Properties, a prominent property services company in Dubai, informed Arabian Business that Tiger Properties is providing a 15 percent discount along with a payment plan for units in its Red Square Tower, while DAMAC is also reducing prices on certain properties.
He noted that Al Habtoor Group is offering a 2 percent waiver on DLD fees for purchasers in its Habtoor Tower project, and Sobha Realty is presenting a similar offer.
Syed highlighted that this year’s Ramadan offers distinctive investment opportunities for buyers as several leading companies in Dubai have introduced targeted promotional deals.
Insiders in the industry mentioned that sellers in Dubai’s secondary property market are also providing strategic pricing alternatives, in addition to adjusting their sales promotions to resonate with the season’s spirit, aiming to entice buyers during Ramadan.
Property buyers advised to plan for Ramadan adjustments
Syed emphasized the importance of adopting a nuanced approach for home buyers navigating the property purchase process during the Holy Month. He highlighted that adjustments in administrative and regulatory processes are necessary due to reduced working hours, advising stakeholders to anticipate these changes. Syed also stressed the significance of proactive planning and clear communication to ensure smooth transactional processes in Dubai’s real estate market during Ramadan. Despite the traditional perception of a seasonal slowdown, the top executive of Springfield Properties pointed out that recent years’ data indicate robust activity levels in Dubai’s real estate market during Ramadan.
“The period is characterized by operational hours being adjusted rather than decreased transactions, with a substantial amount of business being conducted after iftar,” he noted, further emphasizing that “this adjustment highlights the market’s adaptability and the sustained interest of investors.”
Record Dubai property deals inked in busy Ramadan periods
Real estate transactions, particularly in the residential sector, have witnessed a consistent increase in recent years, primarily due to targeted promotional offers by developers.
According to Dubai REST (Dubai Real Estate Self Transaction), the city’s real estate market demonstrated significant activity during the initial week of Ramadan in 2023 (March 23–29). The Dubai Land Department (DLD) reported sales transactions totaling AED5.92 billion ($1.61 billion) from the sale of 2,379 properties.
This marks an improvement over the figures from the same period in 2022 (April 1-7), where 2,012 properties were sold, totaling AED5.3 billion ($1.44 billion).
Syed stated that the significant increase in sales, even throughout the Ramadan period in recent years, demonstrates the robust confidence of homebuyers in Dubai’s real estate sector.
According to industry experts, last year’s surge in home buying during the Holy Month can be partly attributed to the Golden Visa scheme, which has enhanced foreign investor confidence and interest in Dubai’s property market.
They also noted that by aligning with market sentiments, investors and sellers can take advantage of the surge in opportunities presented by developers’ targeted marketing offers during Ramadan.
Syed emphasized the importance for real estate professionals to schedule activities mindful of Ramadan’s timing, maintaining professionalism and active market engagement to ensure successful transactions.
