Real Estate news – Dubai’s real estate prices fall by 25 per cent since its peak in September 2008

‘International Property Show - Dubai 2009’ to highlight world-class competitively priced properties

Real estate prices in Dubai have dropped by 25 per cent compared to its peak in September 2008, according to recent market reports. In line with this, the ‘International Property Show - Dubai 2009’, the biggest transactional property exhibition in the region, is set to capitalise on the shift in property prices in Dubai by providing end-users and investors an opportunity to acquire their ideal property units at relatively lower prices. Strategic Marketing and Exhibitions (SME), the organiser of the event, has also revealed that the event will host world-class developers within its three day run, from February 15 to 17, 2009 at the Dubai International Convention and Exhibition Centre.

According to recently published reports, the biggest drop in prices has been in the high-end property segment, with average prices down one per cent in 2008 and 35 per cent since the peak. The downward trend has also hit properties targeting the middle-income bracket in the fourth quarter of 2008 despite an average increase of 18 per cent in this segment, as well as units intended for low-income customers, with only projects within Dubailand, Dubai Sports City and Jumeirah Village maintaining their actual prices. A number of high profile projects nearing completion within these master developments are being showcased at the upcoming ‘International Property Show - Dubai 2009’, thereby attracting a growing number of global and regional investors to the event.

“The continuous growth of the ‘International Property Show - Dubai 2009 underlines our commitment towards helping developers grow their business by means of generating international exposure for their world-class projects. We are also keen on highlighting the investor-friendliness of Dubai in terms of regulatory policies, as exemplified by the presence of the dedicated Real Estate Regulatory Agency (RERA) consultancy zone within the venue, where duly-appointed consultants and lawyers can help investors with their queries,” said Dawood Al Shezawi, Managing Director, SME. “In addition, there will also be special pavilion for banks and financial organisations to address customers seeking financial assistance in their investments.”

The ‘International Property Show - Dubai 2009’, is set to feature prime real estate projects from the UAE and across the globe, which are expected to draw in high net-worth individuals, commercial and residential investors and specialised visitors from the property industry. Leveraging its strong repute as the definitive event for companies seeking to establish strong personal relationships with worldwide players in property and investment industries, the event is aiming to surpass the records it has set in the previous edition of the show, wherein it has seen the participation of 35,000 visitors in 2008, reflecting a growth of over 50 per cent compared to the show’s 2007 edition.

“Amidst the current challenges brought on by the global financial crisis, we are optimistic that the current situation of the real estate market in Dubai will have positive developments in the future. However, there still exist opportunities within this unique scenario, and this is what we are seeking to provide to investors and end-users who will attend this year’s show. We would like to thank the Real Estate Regulatory Agency for their support for the ‘International Property Show - Dubai 2009’, and we are looking forward to the success of this year’s event,” concluded Al Shezawi.

Among the global real estate companies who have confirmed their participation at the event are high profile companies from the UK and US, in addition to international delegations from Malaysia, Spain, Thailand, South Africa, Bulgaria, Korea and Cyprus. Furthermore, some of the UAE-based developers who have confirmed their presence at the event include Khoie Properties, Tiger Properties, Falconcity of Wonders LLC, Roots Land Real Estate, RAK Properties, Corner Stone Real Estate, Bonyan International Investment Group, Dubai World Central, Chapal World LLC, Ayman Investments, Savannah Properties, Threesixty, and KM Properties, among others.

Article from: