13:27:09 02/09/2021

Farukh Islam

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NOT TO BE AFFECTED BY RAMADANAN UAE REAL ESTATE


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In 2017, sales activity picked up again, with Dubai reporting a 45% increase in the value of transactions in the first quarter compared to the year before, while agents seem optimistic that current prices will prove too tempting for the many investors currently sitting on cash to resist.
Ramadan, which will begin around May 26 this year, will be little affected by that momentum. During the Muslim holy month, many industries slow down- few conferences are held, music entertainment takes an extended breather and daytime dining is mostly off-limits-but, the rate of Real Estate Developers in Dubai for sales and rental inquiries hardly changes.
" During the past four years, Ramadan has fallen during the summer months. People spend more time at home because of the heat and the shorter working days, and have excess time to browse online. On their mobiles, smartphones, computers, desktops and even their smart TVs, customers spend more and more of their free time surfing the internet. Even when people shop in malls, socialize at the homes of friends or travel, they remain connected.
January and February are peak months, 11-23 percent above the average for the platform with daily enquiries. From April to July, crime then slows slightly-a span that includes Ramadan, although the holy month itself does nothing to change the actions of property hunters. Sales inquiries are rebounding from August, a period when, families are planning for the beginning of the school year and many new residents arrive.
However, the peaks and troughs of sales inquiries are mild, suggesting high demand for Developers in UAE property all year round. For example, there was only one month, January last year, from January 2016 to April 2017, where the number of enquiries varied by more than 20 percent from the average. In all, within 10 percent of the average, one-in-every-two months reported investigation numbers, showing strong interest regardless of the season.
Although property inspections decrease because of the heat or because during the summer people are out of the country, those who attend viewings appear to be much more serious about their hunt. They are either hard negotiators searching for seasonal offers or clients who have a time limit to pass. The fact that summer coincides with the end of the school year adds to this urgency as many rental contracts, particularly villas and larger apartments often occupied by families, overlap with the school year,' Hajje concludes.

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