May EN 2019

10 Mazaya Monthly Real Estate Report - Week 3 - May 2019 According to the Mazaya report, promotion and market competition for attracting potential buyers will be at high levels in the holy month. Industry data showed a rise in real estate transactions during the first fivemonths of this year, with a significant growth of 15 per cent compared to the same period last year, reachingAED 66 billion compared to AED 57 billion previously, while the value of investments jumped to AED 29 billion, resulting from the sale of 15,000 properties, which reflects market resilience before, during and after the month of Ramadan. In the UAE, investors and buyers continue to attract investors and potential buyers, with developers actively offering unique opportunities through exclusive offers during the holy month of Ramadan, including mouthwatering incentives such as exemptions from registration fees, service charges and reducing advance payments in general. Thus, we can safely say that the month of Ramadan in the UAE real estate market features valuable opportunities for investors and is the right time to own property for individuals. According to the weekly real estate report of Al Mazaya Holding, property developers are continuing to launch promotions for their real estate projects at competitive prices, indicating the flexibility of the region's real estate markets in light of their knowledge of the requirements of buyers from all categories. Launching promotions during the holy month is attributed to the usual decline in demand during this period of the year in addition to the concomitant summer recession, which is often associated with summer vacations, with various households and investors preferring to spend their vacations overseas. The report pointed out that the pace of real estate activity across the region may vary from one market to another during the holy month, but they remain similar in terms of the movement of prices and nature of investment opportunities available. The reduced working hours during Ramadan can affect the level of transactions related to the completion of buying and selling procedures; however, they stimulate searches and inquiries by buyers and tenants seeking to avail themselves of reduced real estate rates during this period of the year.