Officials in the real estate sector said that the real estate market in Dubai and Sharjah is witnessing a strong demand for the rent of housing units during the month of Ramadan, in a way that limits the launch of promotional offers, which was customary to put on a wide scale before the month of fasting and during it.
They added to «Emirates Today» that the offers for renting housing units have declined significantly during the current Ramadan season, in light of the high demand at great rates, with population growth and momentum of investment and business sectors, pointing out that some companies have offered limited offers that give a free month and parking lots.
“The promotional offers for housing rental, which were usually proposed before or during the month of Ramadan in Dubai markets, have become very limited and significantly, in light of the presence of strong demand rates compared to the similar time period during the past four years.”
He added: «Dubai markets are currently witnessing growing demand rates in the housing rental sector compared to the size of the supply, and according to market policies, the great rise in demand reduces the proposal of promotional offers, especially since the current month of Ramadan does not witness a calmness in the demand as it was customary during previous years, and in a way that motivated companies to expand the proposal of promotional offers to stimulate the demand.
For his part, the director of the “Emperor Real Estate” company, Dr. Shahryar Al -Attar, said that “the strong increases in the demand for housing rents in the Dubai and Sharjah markets have limited to launch any promotional offers in the sector according to the usual with the beginning of the month of Ramadan, with companies registered growing demand rates to rent housing units and in a way that exceeds large rates of turnout during the similar period of time last year.”
He continued: «The launch of promotional offers in the rental units sector in the Dubai and Sharjah markets decline comes in light of a strong demand supported by remarkable population growth indicators, and the momentum of business and investment sectors, which in turn attracted investors in the real estate sector and other business sectors, who have gone to reside in Dubai or Sharjah during the recent period.
He added: «According to the monitored market indicators, it is expected that the markets will witness a continuation of the strong demand rates in the residential rental sector in the markets of Dubai and Sharjah, and at growing rates during the coming period that can extend until the end of next year.
In the same context, the CEO of the Somat Real Estate Company, Sufyan Al -Salamat, said that “the current Ramadan season is witnessing a remarkable decline in offering any promotional offers in the residential rental sector in the Dubai and Sharjah markets.”
He added: «The reasons for the decline and lack of proposal of promotional offers are due to the radical change that the markets witnessed during the current month of Ramadan, which was customary to witness a calm in the indicators of demand for housing units, which changed significantly, with the continued strength of demand before and during the month of Ramadan, supported by the indicators of population growth, and the momentum of business and investment, which in turn attracted investors in real estate and commercial sectors Their families in Dubai and Sharjah. ”
He emphasized that «competitiveness was one of the important factors that enhance the offering of promotional offers in the markets of Dubai and Sharjah, before or with the beginning of the month of Ramadan, to stimulate the demand for the housing rental sector, but with the increase in demand during the current month of Ramadan and rates exceeding the past four years, the majority of companies are not obliged to offer any promotional offers, with the exception of some companies that compensate for price increases, with limited offers such as giving a free month or a situation in some of the vehicle in some of the vehicle The regions.
For his part, the real estate mediator, Ahmed Bakr, said: “The current month of Ramadan is witnessing a decline in the offers in the residential rental sector in the Sharjah markets, compared to the Ramadan season last year, with a remarkable increase in demand, and the continued demand for real estate, even with the beginning of the month of Ramadan, which was witnessing calmly in demand.”
He added: «The markets are witnessing some limited offers that have decreased in ranges related to granting free positions or a free month in some areas with less demand, compared to other regions, but in general they remain very limited compared to the past Ramadan seasons.
Radical changes
The real estate mediator, Majdi Abdulaziz, said that “the markets have witnessed radical changes in the housing units rental sector, which has been witnessing a high demand during the month of Ramadan, which was usually witnessing a calm that requires companies to offer extensive offers to attract tenants.”
He added that «striking population growth indicators in Dubai and Sharjah changed the standards of market demand for the residential rental sector during the month of Ramadan, which made the offers very limited compared to the month of Ramadan last year.
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