Pros of Buying and Selling During Ramadan
- Discounts & Promotions
During Ramadan, countless developers and real estate agencies are known to offer enticing deals, discounts, incentives, and attractive payment options to generate excitement for clients looking to buy property in Dubai. Many investors seize this opportunity to buy property in Dubai at a more competitive rate or access a flexible payment plan that may not be available at other times. - Less Competition in the Market
With a small number of buyers in the market actively searching for properties, the competition is significantly lower. This works in favour of buyers looking to negotiate for better deals without the fear of bidding wars. On the other hand, sellers will also face less competition by having fewer listings to compete against. If you are planning to list your property in Dubai, you might also want to take this opportunity to do so as well as optimising your listings for maximum exposure and visibility. - Faster Transactions
Serious buyers and sellers often remain active during Ramadan, making the transactions go through a lot quicker. There is often a note of urgency to conclude deals before Eid, hence faster negotiations and decision-making.
Cons of Buying and Selling During Ramadan
- Limited Working Hours
During the month of Ramadan, government offices, as well as banks and real estate agencies operate for fewer hours. Such operations slow down procedures like property registration, mortgage approvals, and legal paperwork, delaying all transactions. - Reduced Activity in the Market
Several delays can be expected when selling property in Dubai. With fewer active buyers and sellers in the market during Ramadan, this can result in reduced property listings and smaller pool of potential buyers. Sellers must make extra effort to create interest in their properties. - Delayed Documentation & Approvals
With many professionals, including bankers, real estate agents, and legal advisors, operating on shorter working hours, the processing of documentation and approvals might take longer than normal. This could potentially be quite frustrating for buyers relying on financing and sellers seeking a quick closing process, as delays in mortgage approvals, property transfers, and legal paperwork may slow down transactions.
The Bottomline
Ramadan is a major factor to consider when dealing with real estate in Dubai.
While it comes with both opportunities and challenges, it’s ultimately up to you to make the most of this period and turn it to your advantage. Having an experienced partner by your side can make all the difference in securing the best deal.
At Hamptons International, we are here to guide you through every step of your real estate journey, any time of the year. Let the home experts handle it.
