During the holy month of Ramadan, business activities in many sectors observe significant changes. Entertainment events take a long break, less conferences are scheduled, and daytime dining is generally prohibited.
Ramadan is a time to keep a keen eye on real estate as this fortunate month can significantly boost your chances of making profitable investments.
We have seen the market’s general dynamics shift significantly throughout the years during Ramadan. Here’s why:
- Ramadan comes in hot weather (for the past years).
- There are shorter working hours, with reduced time for business and education.
- There are greater chances to interact socially (on iftar dinners and suhoor) with friends and families.
- People spend most of the time indoors.
With the above-mentioned facts, investing actually becomes the best decision in Ramadan. Even though there are fewer investors, those who do turn up typically end up with a profitable investment. This in turn offers a chance for businesses to learn more about their potential customers.
.jpg)
In Ramadan, buyers and sellers usually refrain from making rash decisions as they have more time on their hands. They are more focused and experience less stress from their day-to-day activities.
So, what does this mean?
When it comes to real estate investment during Ramadan, people can also weigh their options.
Ramadan is celebrated in the UAE and other parts of the world with zeal and religious passion. People love to decorate their homes during Ramadan.
Considering that, we will share some of the best rental properties that you can choose during Ramadan either for investment purposes or residential reasons.
.jpg)
Ahmad Creek Residence is located in the vibrant heart of old and cultural Dubai. It is in addition to the city’s most buzzing government and business establishments, consulates, embassies, and banks.
It is a minute’s walk from the residence, Burjuman Metro Station is an intersection between the green and the red line and offers access to the city’s most prominent destinations. It is close to iconic locales like Burjuman Mall, Al Seef Dubai Creek, Gold and Spice Souks, and Dubai Museums.
.jpg)
Jumeira Seven Villas is a compound composed of seven villas situated right at the entrance of Jumeirah 1 and 5 minutes by walk toward the famous La Mer beach.
Each villa has 1 bedroom on the ground floor and 3 bedrooms on the first floor with a separate maid room on the third floor, garage, storage room, laundry room, balcony and a garden. Residents can enjoy the private swimming pool, backyard and a private garden.
.jpg)
The Business Center Bur Dubai is a landmark in the financial district of Bur Dubai. Situated on the corner of Bank Street, it stands out with its architectural uniqueness, bright luminosity, spacious high-ceiling lobby, and waterfall.
Related: Bur Dubai Area Guide- Attractions, Amenities & Lifestyle
.jpg)
Al Garhoud Business Center is ideally located in the heart of the Al Gharhoud area. The four-story building offers 516000 sq. ft. of commercial space, including underground parking, bike parking, and a rooftop running track with showers and lockers. GIGCO metro station is five minutes away.
Just like many other aspects of Dubai society, the real estate market is susceptible to the influence of Ramadan. A lot of business observes a reduced schedule during this month, with fewer working hours and a focus on religious duties. This also reduces their free time to search for other pursuits, such as property hunting.
Real estate dealings may proceed a bit slowly as a result of people’s increased attention to their social and spiritual lives, and less devotion to their jobs.
Also, the hot months in Dubai can be quieter when it comes to property investments due to the warm and humid weather. Most of the people leave the city for vacations and retreats.
But there’s a catch—this can also offer more opportunities for buyers who are looking to take advantage of the reduced competition and low property costs.
Now that you have some idea regarding the real estate market in Ramadan, let’s hop on to our next question…
.jpg)
Well, this depends on a number of variables. For example, your preferences, financial status, and the condition of the real estate market.
As property dealings are somewhat slow during Ramadan, some people find it advantageous to buy property. This may lead to lower pricing and more negotiation leverage.
But, before making any big financial decision, it is important to conduct thorough market analysis and speak with expert real estate brokers.
So, buying a villa, apartment or a commercial shop ultimately comes down to your individual financial preferences, not to mention the time of the year.
Ramadan presents an interesting opportunity for real estate investors and buyers. This is the best time to invest in the real estate market and buy properties for sale. With the summer sales, most people have extra money during this time and are looking to invest in halal profitable investments.
Here are a few common advantages of doing a property hunt during Ramadan:
- There is lower demand during the month of Ramadan which can lead to less competition, offering good negotiation opportunities for property buyers.
- The spiritual and religious atmosphere creates a reflective mindset helping decision -making process easy.
- Many sellers are open to sales offers and discounts during the holy month of Ramadan making it the right time to invest in property.
- The communal spirit lets property hunters bond with local communities, getting useful insights and making the house-hunting experience seamless.
.jpg)
Our team has carefully put together the best tips for successful property hunting during Ramadan. Follow these tips to make the property buying process easier.
- First, begin property hunting early in Ramadan. This way you can avoid rushing and securing the most suitable deals.
- You must stick to your budget to ensure to maintain financial stability in Ramadan. This will minimize the needless anxiety when looking for a property.
- In order to make wise decisions and negotiate successfully, you should be aware of the trends in Dubai’s real estate market.
- One important tip is to use online platforms for your property searches. Platforms like Al Majid Property offer ease and convenience that align well with the Ramadan routine.
Read also: 10 Reasons to Live in Dubai: It’s Not What You Think It Is!
In the holy month of Ramadan, many real estate personnel are open to negotiation. Where it is a time for spiritual renewal and meditation, it can also be the ideal time to search for a perfect deal on your next home. Besides, most developers look for ways to liquidate their stocks and invest before the end of the year. This means they are more willing to negotiate and offer favors in the form of discounts.
Yes. Some sellers and lenders offer special deals and discount offers during Ramadan. You can take loans to buy an apartment for sale in Dubai, a plot for sale or even a villa for sale. There are often reduced loan-to-value ratios to encourage more and more people to invest in the property sector.
The real estate market in Dubai goes through various deviations during Ramadan. This time of the year is usually a bit slow for real estate transactions. But it doesn’t mean that you can’t turn this slow period into a profitable time! Though a few people avoid buying property during this month, the market doesn’t suffer from any economic recession or even a drop in demand.
Why is that so? The reason is pretty simple— there are always some people looking to buy residential and commercial properties for sale all year round. This way, neither the supply nor the demand increases in the property market, creating a smooth balance.
The real estate activities usually return to normal after Eid-ul-Fitr. This means there are usually fewer buyers active during the month of Ramadan.
Read also: How Is Living in Dubai Different from Living in Sharjah?
.jpg)
This Ramadan, if you are thinking of investing in real estate projects in UAE, this is the right time to do so. But you have to make sure that you are getting the best deal.
And for that, you need to get professional support from real estate experts. Just like the rest of the year, our real estate agents are available throughout Ramadan. Get in touch with us today for the best residential and commercial properties for rent in Dubai.
The Al Majid Property Co. LLC. team wishes everyone a very happy and prosperous Ramadan.
