DUBAI: The property sector in Dubai, UAE, still remains robust despite the oil slump with the city attracting billions of dollars in real estate investments this year, said a report. Significant progress of the region in the real estate market shows increasing interest from 149 nationalities from across the globe.
According to data released by Dubai Land Department (DLD), more than 26,000 investors have pumped in Dh57 billion ($15.5 billion) into Dubai’s real estate sector during the first half of the year. Of this, the Gulf nationals’ investment accounted for Dh22 billion ($5.98 billion), while the rest of the investments in the residential, commercial and mixed-used real estate came from Pakistan, USA, UK, Europe and Turkey.
Among the GCC nations, Emiratis topped the list with about Dh14.52 billion ($3.95 billion) worth of investments. According to DLD, the foreign investment in Dubai’s real estate market surged to more than Dh28 billion ($7.62 billion) whilst Arab investors outside GCC contributed to more than Dh7 billion ($1.9 billion). Top countries which have shown interest in property investment in Dubai are US, Canada, UK, Europe, India, Turkey, South East Asia besides the GCC states.
“Witnessing an increased interest in the real estate investments by international and local consumers is very valuable to us as we aim to provide a right platform that caters to all the needs of investors, visitors and the market,” remarked Dawood Al Shezawi, the president of Strategic Marketing & Exhibition, the organisers of The International Property Show (IPS). A leading property event held annually for international and local investors and market players, IPS delivered about billions of dirham worth of projects during the first half, he stated.
The 12th edition of IPS catered to 137 countries with around 15,222 attendees and 172 exhibitors. UK, India, Pakistan, Turkey, Saudi Arabia, Portugal, Philippines, Qatar, Greece, and Cyprus are among the countries that actively took part in the exhibition.
Al Shezawi said every year a huge floor size of 13,032 sq m is allocated for the show to accommodate large number of people. “Developments, projects and services from mortgage financing, real estate holiday destinations, migration and citizenship offers and other aspects of the real estate sector will be covered in the 2017 IPS,” he added.
According to him, the next year’s edition of IPS, to be held from April 2 to 4 at Dubai World Trade Center, is set for much greater heights. It will be held alongside the important Annual Investment Meeting (AIM). “International and local community of high level real estate professionals, high net worth individuals, government officials, entrepreneurs, end-users and alike are amongst the visitors to be present at the event,” stated Al Shezawi. Wide scope of projects from residential, commercial, industrial, retail and mix-use properties from across the world will be showcased at the event, he added.
