From the beginning of the holy month to the end of Eid Al Fitr celebrations, less people are interested in purchasing real estate units. However, Ramadan is an ideal time for property buying, because there are always local residents and foreigners looking for investment tools or homes to move into.
Here are the reasons which explain why purchasing property during the holy month is always a good idea:
- Less people monitor real estate propositions, which means you can benefit from a quieter market and choose your perfect home on attractive terms, especially if it’s an off-plan property, which can be resold after its completion at much higher prices.
- As the demand for real estate units will be a bit lower, you will get more opportunities and more time for visiting apartments, villas and townhouses, as well as have more time for serious thinking and discussing each unit, along with choosing the right property without ferocious competition.
- Developers come with special payment plans and coverage of DLD fees, from 2% to 4%. Price reductions and unique gifts such as furniture are also possible.
- Even though some real estate agents go on holidays to spend the holy month with their families, a great number of brokers continue working and are ready to provide their services. Discounts from real estate agents are also possible during the holy month.
- Banks offer favourable credit rates, deferment of the first installment and other special deals. Moreover, during Ramadan you will be able to obtain a mortgage on more attractive terms.