Leading Dubai developers are launching attractive incentive programs to entice property buyers during the holy month of Ramadan, traditionally viewed as a slower period for real estate transactions. These offers include significant discounts (up to 15% on payment plans) and partial waivers on Dubai Land Department (DLD) fees.
Industry sources confirm that prominent companies like Danube, Tiger Properties, and DAMAC Properties are presenting compelling investment opportunities. Danube is reportedly offering fully furnished units along with a 2% DLD fee waiver, while Tiger Properties and DAMAC Properties are showcasing substantial price reductions on select properties. Specific details on these offers were provided by Farooq Syed, CEO of Springfield Properties, a leading Dubai property services firm.
Despite the perceived seasonal slowdown, data suggests that Dubai’s real estate market experiences sustained activity levels during Ramadan. While operational hours may be adjusted with reduced working hours, industry experts highlight a shift in business activity towards post-iftar periods. This adaptability underscores the market’s resilience and continued investor interest.
Digital platform Dubai REST reported impressive figures during the first week of Ramadan in 2023. The Dubai Land Department (DLD) recorded AED 5.92 billion (USD 1.61 billion) in sales transactions encompassing 2,379 properties. This surpasses the figures from the same period in 2022, demonstrating strong buyer confidence in Dubai’s real estate sector.
Industry insiders attribute the recent surge in Ramadan home buying partly to the Golden Visa scheme, which has bolstered foreign investor confidence. Strategic planning by both buyers and sellers can leverage the surge in opportunities presented by developer promotions during Ramadan. Real estate professionals are advised to adapt their activities to Ramadan’s timing while maintaining high levels of professionalism for successful transactions.
Publish March 19, 2024
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-developers-announce-price-cuts-fee-waivers-amid-hunt-for-ramadan-buyers
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