The company "W Capital", specializing in brokerage activities in the real estate sector in Dubai, secured real estate sales totaling 23.47 billion dirhams for the first half of the current month of Ramadan, indicating record-breaking sales figures that have never been precedent this month.
According to data from the Department of Lands and Properties in Dubai, the total value of real estate transactions (including sales, mortgages, and gifts) amounted to about 31.96 billion dirhams through the fulfillment of 9,352 transactions.
According to the report, the number of purchase-sale transactions since the beginning of the month of Ramadan amounted to 7,492, including 5,903 residential units, 733 buildings, and 856 land plots.
The value of mortgage transactions was 7.57 billion dirhams through 1,551 transactions, while gifts accounted for 923.3 million dirhams through the fulfillment of 309 transactions.
The chairman of the board of directors of "W Capital" real estate, Valid Al-Zarouni, noted that the month of Ramadan used to be a time of stagnation in the real estate sector in the UAE before 2022, however, developers have managed to reverse this stagnation during a revival period that has been ongoing for already the fourth consecutive year.
Al-Zarouni added: "The real estate market continues to establish record levels in sales and transactions month by month," noting that transactions in Ramadan grew from 17.3 billion dirhams in 2022 to 32 billion dirhams in Ramadan 2023 and 36.13 billion dirhams last year, which has become the highest indicator in the history of this blessed month.
Al-Zarouni emphasized that a record of similar sales volumes in Ramadan gives investors a good representation of the fact that seasonal periods are not instances of decline, but 'revival', which is confirmed this month of Ramadan or the summer season.
