Record Dh280m villa sale in Dubai busts Ramadan and real estate myth
Ramadan in the UAE is almost a week old as those practising Islam are counting the blessings and partaking in the spirit of giving this Holy Month.
Surrounded by family and friends, it is nonetheless a time to look ahead for those thinking shelter for their kin. While some businesses in Muslim-dominated countries take a backseat – and the UAE is no different – the notion that it extends to the real estate industry is being challenged in Dubai at least.
The first quarter of 2022 saw strong year-on-year growth despite the tough financial climate due to the ongoing Covid19 pandemic.
Among the first to roll out the vaccines and a robust healthcare focus, UAE has ensured businesses can bounce back quickly while Expo 2020 proved to be a catalyst not just limited to Dubai. Russian oligarchs such as Roman Abramovich and HNIs from Europe are heading to the city of the rich and famous.
“Contrary to the pattern, we are seeing a lot of interest among house hunters for villas in the past few weeks and we expect that to continue even during Ramadan,” says Pamul Sharma, Senior Vice President at Kingsley Properties.
“Sometimes the trend can shift to off-plan properties and sometimes to the secondary and primary market so it can vary also depending on the market conditions.”
On April 6, the Dubai property market saw a new record with a villa in Palm Jumeirah going for Dh280 million.
Dubai Land Department figures for March reported a robust Dh22.5 billion worth of transactions for the month alone. Palm Jumeirah topped the list of areas in focus with 1.8billion worth of transactions.
The record deal for the Dh280m villa most probably took some time to close, and could have made the cut for March.
According to a Berkshire Hathway survey of property professionals in the region last month, nearly 80 percent are confident that the trend will continue to grow for the rest of the year.
Leading real estate companies such as Kingsley Properties are at hand with a basket of luxury properties. With areas such as Palm Jumeirah, Dubai Hills and Emirates Hills added in the mix, choices are plenty.