A view of Dubai Marina from Palm Island. Investors have flocked to real estate as they seek less volatile assets in the face of an underperforming stock market. Image Credit: Sankha Kar/Gulf News

Dubai: Investors seemed to be looking for safe haven in Dubai’s real estate sector, with Dh19 billion worth of sales — for property as well as plots — being recorded between December 17 to 30. More than Dh1 billion worth of daily transactions were taking place during this time, with the peak coming on December 24, when Dh3.6 billion was registered, Dubai Land Department numbers show.

It could be that investors, at least some of them, are wanting to put their funds in less volatile assets. The local stock market had been underperforming and so have many of the global stocks.

Dh19b

worth of sales recorded from December 17 to 30

Next month, the Land Department will issue the full data of buyer preferences and their nationalities. That would provide an indicator of whether foreign investors are back to being active in local realty.

In a statement, Sultan Butti Bin Mejren, Director-General of Dubai Land Department, said: “This activity affirms the attractiveness of Dubai’s real estate sector, specifically the demand from buyers and investors who are benefiting from legislation and investment incentives.”

The Dh19 billion over the last two weeks were spread across Dubai and not only into the residential freehold. In all, 2,081 deals were registered, with Al Hebiah Third ranked first in land sales transactions with Dh69 million (from 25 transactions).

In building sales, Wadi Al Safa 5 came in first with 43 transactions yielding Dh65 million, and for unit sales, Al Warsan First led with 196 transactions and Dh86 million, followed by Business Bay with 115 transactions worth Dh149 million.

For all land, building and unit transactions, Al Warsan First had 200 transactions worth Dh111 million, followed by Business Bay with 115 transactions of Dh149 million.