Dubai Real Estate Developers Unveil Discounts Up to 15% for Ramadan
Dubai's real estate developers have marketed their properties with allure throughout Ramadan, which is usually a quiet time of year for home acquisitions.
These deals include partial exemptions of Dubai Land Development (DLD) fees as well as savings of up to 15% on payment plans. For example, Danube is giving away free full furnishing and a 2% waiver on DLD costs, and on a few properties, Tiger Properties and DAMAC Properties are offering substantial price reductions.
According to Farooq Syed, CEO of Springfield Properties, other companies like Tiger Properties are offering a 15% discount with payment plans on units in their Red Square Tower, and DAMAC is also providing price reductions on certain properties. Al Habtoor Group and Sobha Realty are among those offering a 2% waiver on DLD fees for specific projects. Syed suggests that this Ramadan presents unique investment opportunities due to the targeted promotional offers by leading Dubai companies. He advises buyers to be strategic and anticipatory, as the administrative and regulatory processes may require adjustments due to reduced working hours during the Holy Month.
Data from recent years shows steady activity levels in Dubai's real estate market throughout Ramadan, despite the assumption of a seasonal slowdown. Although operating hours may change, major corporate deals frequently take place after iftar, according to Syed, demonstrating the market's flexibility and ongoing investor interest. Developers' focused promotional offers have contributed to the steady increase of real estate transactions in recent years, particularly in the residential sector. In the first week of Ramadan 2023, sales transactions totaling AED 5.92 billion were registered by the Dubai Land Department, exceeding the data from the corresponding time in 2022.
Syed attributes this surge to the strong confidence of homebuyers in Dubai's real estate sector, partly fueled by initiatives like the Golden Visa scheme. He emphasizes the importance of adapting to market sentiments and maintaining professionalism and engagement to capitalize on opportunities during Ramadan.
Overall, the real estate market in Dubai continues to demonstrate resilience and attractiveness, with Ramadan proving to be a period of active investment and transactional activity.
