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Dh5.6b property deals transacted in Dubai during Ramadan

Staff Report/Dubai
Filed on June 12, 2019
Dh5.6b property deals transacted in Dubai during Ramadan

(AFP)

Property deals cumulatively worth Dh5.6 billion were transacted in Dubai during Ramadan this year.

There were off-plan transactions worth Dh2.63 billion, an increase of 51 per cent compared to off-plan property deals worth Dh1.74 billion during Ramadan 2018 and an increase of 54 per cent compared to off-plan transactions worth Dh1.71 billion during Ramadan in 2017.

The secondary property market witnessed Dh3.04 billion worth of properties exchange hands during the holy month. This translates to a decrease of 36 per cent compared to similar deals worth Dh4.75 billion during Ramadan 2018 and a dip of 16 per cent compared to deals worth Dh3.61 billion signed during Ramadan 2017.

"It is also important to note the total average price for off-plan residential transactions has increased year on year. The overall average price for off-plan residential transactions in 2018 was Dh1.23 million while in 2019, the overall average price is Dh1.42 million," says Lynnette Abad, director of Research & Data, Property Finder.

Most off-plan property transactions during Ramadan this year have been in Downtown Dubai, Meydan One and The Lagoons in Dubai Creek Harbour. Projects like Dubai South, Dubai Hills Estate, Mohammed Bin Rashid City and Jumeirah Village Circle (JVC) also saw healthy off-plan demand. In terms of volume, Dubai witnessed a total of 3,089 transactions during Ramadan 2019 compared to 2,684 transactions for the same time frame last year. There were 1,851 off-plan transactions registered, 31 per cent increase compared to the 1,417 off-plan deals transacted during Ramadan 2018.

- waheedabbas@khaleejtimes.com


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