Dubai’s Real Estate Held Steady during Ramadan
Dubai’s real estate market didn’t slow down during the holy month of Ramadan, a period typically marked by fewer home sales, according to a report. Property deals worth AED5.6 billion (US$1.52 billion) were transacted in Dubai during the holiday, which ran from May 5 to June 3 this year. Dubai had 3,089 transactions during this year’s Ramadan, a jump over the 2,684 transactions during the holiday last year. While there are no restrictions in place for buying property during Ramadan, it marks a far less active time across the Gulf as people observe the holiday. The increase is likely due to the timing of the holiday, the report said. From 2008 to last year, Ramadan coincided with summer. House viewings tend to dwindle during summer in Dubai due to the heat, school holidays and increased travel of potential buyers.
Tags : INTERNATIONAL