The major players in the real estate sector are coming out with enticing offers to attract buyers during Ramadan. Leading developers are offering discounts of up to 15% on payment plans and reducing Dubai development fees (DLD) to boost sales during this traditionally slower period for home purchases.
Danube is reportedly offering free full furnishings and a 2% discount on DLD fees, while Tiger Properties and DAMAC Properties are lowering prices on select properties. Tiger Properties is offering a 15% discount on units in Red Square Tower, and DAMAC is also offering discounts on certain properties, according to Farooq Syed, CEO of Springfield Properties.
Al Habtoor Group is rounding off the offer with a 2% waiver on DLD charges for buyers in its Habtoor Tower project, while Sobha Realty is following with a similar offer, Syed revealed.
This Ramadan presents a unique opportunity for real estate investors as several prominent companies in Dubai are launching targeted promotional campaigns. Sellers in the secondary market are also adjusting pricing strategies and promotions to adapt to the spirit of the season and attract buyers during Ramadan.
Buyers are advised to navigate the purchasing process carefully during Ramadan, taking into account adjustments in administrative and regulatory procedures due to reduced working hours. Anticipating these changes and planning transactions accordingly can ensure smooth processes and clear communication.
Despite the perception of a seasonal downturn, the latest data shows that Dubai’s real estate market remains active during Ramadan. Transactions can be carried out after iftar, highlighting the adaptability of the market and the continued interest of investors.
In previous years, Ramadan saw record real estate closings, driven in part by targeted promotions by developers. The rise in sales underscores homebuyers’ confidence in Dubai’s real estate sector, boosted by initiatives such as the Golden Visa program.
Investors and sellers can take advantage of the opportunities presented during Ramadan by aligning with market sentiments and taking advantage of the multitude of targeted marketing offers from developers. Real estate professionals should maintain professionalism and market engagement aligned with the timing of Ramadan to facilitate successful transactions.
