Find out about the impact of Ramadan on real estate in Bangladesh’s capital, Dhaka.
All over the press in the Islamic world, you can read stories about real estate companies extending promotions on property during Ramadan. Is this the case in Jakarta? Is it wiser to purchase and sell property during Ramadan than at other times of year? Here at Bproperty, we’re here to help you discover more about engaging in real estate transactions during the holy month.
Is dropping prices on real estate during the holy month really a common trend?
Traditionally, many real estate companies have noticed that Ramadan causes a dip in sales. Perhaps this is due to the subdued atmosphere during this period of fasting or the fact that everyone is lacking or conserving energy during business hours. Selling your home during Ramadan may not be such a good idea for the simple reason that people are not as keen to visit properties during this period.
Potential buyers who are visiting prospective homes are also usually looking to negotiate for a very low price during this season. Real estate companies may put more effort into making property for sale look attractive, hyping up those who are house hunting in order to avoid this dip in sales. Sometimes, real estate agents will try to entice buyers using special deals on financing or the promise of gifts for those who purchase a new home during the holy time.
Here’s the deal:
Since real estate companies still appear to be competing with one another for offers on property in Bangladesh, it’s a good idea to do some house hunting ahead of the summer season. This way, you can get your look in and find out exactly what you’re looking for before any offers appear. It’s best to give yourself some time to make up your mind.
In previous years, the real estate sector has been highly affected by Ramadan, so decisions about property may be made very quickly during this period. Investing in real estate can be highly lucrative during this period days when many people are looking to get a slice of the pie, so property searches can be quite competitive, especially in a capital city like Jakarta, where demand for property is high.
Are there any other advantages to purchasing property during Ramadan?
If you’re planning any home renovations, Ramadan is a good time. Raj Grover, Country Director of Lamudi.com.bd, said: “Ramadan is the ideal time to benefit from some great deals for furniture, kitchen appliances and more”. Up until Eid, there are so many sales in home furnishing and interior stores. Examples in Dhaka include the Akhter Furniture, Otobi, and Navana Furniture all offering month long deal to mark the festival. Don’t miss out on a bargain for your DIY.
What are the disadvantages of purchasing property during Ramadan?
If you are fasting during Ramadan and also looking to take advantage of the real estate season, you will need to bear a few things in mind before you visit properties. Make sure you check the opening hours of real estate agents’ offices. Office hours usually vary according to Ramadan timings. A night time visit is always a good idea when purchasing property, so always plan ahead and check that an evening visit is possible.
Make sure you stay cool when you are viewing. Fasting can take some time to get used to at the beginning of Ramadan, so don’t get too caught up in the hype of low property prices, conserve your energy for wise decision-making, and take care of your health – you’ll need to be healthy for all that DIY after Eid, once you have hit the Ramadan sales!