Ramadan is an integral part of the UAE's culture and heritage, and it is a time that significantly impacts the country's economy. However, despite the four-day holiday period that observes the holy month of Ramadan, the real estate market in Dubai has managed to maintain its resilience and performance during the past week which was from 17th of April to 23rd of April 2023.
Analyzing the Market Performance During the past week.
The four-day holiday period during Ramadan is an ideal time for people to travel, spend time with family, and engage in other leisure activities. However, despite these distractions, the Dubai real estate market has maintained its strong performance during this period.
One of the reasons for this is the increasing number of tourists who visit Dubai during this period. Many tourists are drawn to the city's luxurious hotels, world-class shopping centers, and exciting theme parks. This influx of visitors creates a demand for short-term rentals 7 property sales, which in turn benefits the real estate market.
Property sales and transactions
According to the latest real estate market data by Dubai Land Department, there were a total of 1,442 transactions in Dubai, with a combined value of 4.13 billion AED. Of these transactions, 680 occurred in the primary market, with a total value of 1.32 billion AED, while 762 transactions took place in the secondary market, with a total value of 2.81 billion AED (including 312 mortgage transactions with a value of 745.74 million AED).
The most expensive property sold during this period was an apartment in Bluewaters Island, which fetched a whopping 42 million AED.
When it comes to top-performing areas in terms of value for residential apartments, Jumeirah Village Circle took the top spot, followed by Dubai Marina and Downtown Dubai. Meanwhile, the top-performing areas for residential villas were The Valley, Arabian Ranches 3, and Dubai Hills.
Dubai real estate market has shown remarkable resilience and maintained strong performance during the four-day holiday period that observes the holy month of Ramadan. Despite the distractions of leisure activities and family time, the real estate market benefited from an influx of tourists who created a demand for short-term rentals and property sales.