Is Ramadan The Right Time To Hunt For Properties?

YES! The property market basically keeps up the pace during a typically slower month in the UAE, and while fewer people are on the hunt it may be a good opportunity to rent or buy during Ramadan.

We took a look at our property listings data in the months leading up to, during, and after Ramadan last year in order to help consumers understand what to expect during an important time of year in the UAE.

The number of property seekers who inquired about a real estate listing fell a whopping 26% during the Holy Month last year, according to our data. It took until September – past those sluggish summer months – for inquiries to rebound to pre-Ramadan levels. What does this mean for you? Less competition!

However, the number of real estate listings on offer, and the number of transactions done during Ramadan did not drop quite as dramatically. The number of listings fell 12% last year, and transactions dipped 16%.

Over the last two Ramadans, sales transactions stayed steady, dipping by just a few hundred compared to the months leading up to Ramadan, according to Property Monitor.

In 2017, the total number of sold transactions during Ramadan was 2,527, while the month before, the total number of transactions were 3,025. In 2016, the total number of sold transactions during Ramadan was 2,007, while the month before total number of transactions were 2,391.

Also, bear in mind that most people travel during the summer months which is the time when Ramadan fell the last two years. Considering this, sales transactions levels remained steady which could indicate there was an uptick in demand during these months despite most people being away.

This year, the difference may be even less dramatic as the world headed into Ramadan just shy of the summer holidays, meaning even more selection and deals are available. So what does this mean for would-be renters or buyers? Don’t count out Ramadan for your property search.

While your selection pool may be a bit smaller with fewer listings on offer, real estate agents, landlords, and sellers are still actively making deals. And with Ramadan starting in mid-May, that still leaves plenty of time to squeeze in a property investment before your summer holiday.