Demand for Dubai housing to stay stable during summer months

23.05.2017

Dubai home buyers' activity is about to stay the same during Ramadan and the summer months: Propertyfinder.

“Current prices prove ‘too tempting’ to resist for the many investors currently sitting on cash and that momentum will be little affected by Ramadan,” the UAE’s real estate search portal Propertyfinder predicts.

The period of Ramadan and summer months in Dubai is traditionally considered to be the time of a relative slump down in the property market, though the analysis of search requests from potential buyers and investors in different months conducted by Propertyfinder shows that summer is rather a period of passive search for buying options, having little impact on buyers activity as a whole.

Sale transaction value in Dubai property market is reported to have a 45% surge in the first quarter, compared to the same period last year. And this is quite expected, for January and February are the peak months in the market, when real estate search requests are 11-23% above the average, according to Propertyfinder. From April to May, the market usually experiences some slowdown in buyers activity, but the volume of real estate sales and rental enquiries barely change during summer months.

“Consumers are spending more and more of their free time browsing the web, searching for real estate options during summer months, even while on vacation," notes Propertyfinder. Thus, this period is especially important for the right representation of new projects and properties for sale, for the first purchase decision often ripens during this period.

And there really is a lot of options and projects in Dubai to choose from. For instance, a major Dubai developer Mag Property Development recently awarded a contract for construction of a huge District 7 residential development, consisting of 35 residential buildings in the new city area of ​​Meydan City. Meanwhile, the sales of 1,000 apartments in another MAG’s project MAG 5 Boulevard consisting of 13 residential blocks in the Dubai South area were also quite hot.

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