Top media exec predicts drop in real estate ad spend

Monday, 3 November 2008 11:53 AM

One of the most powerful figures in media is predicting a major drop in real estate advertising revenues in the Gulf region next year.

Joseph Ghossoub, president of the International Advertising Association (IAA) and founder of The Holding Group, made his comments on the first day of The Media and Marketing SHow 2008 being held in Dubai.

He said real estate ad revenues would fall between 20-25 percent in the first half of 2009 "because of the state of mind of the people around it [the real estate market], not because of the real estate sector itself.

"People are a little bit cautious and are waiting to see what will happen with prices so perhaps waiting a little longer."

Ghossoub has an iron grip over the Middle East media industry, controlling the advertising, media, marketing and public relations activities of over 260 clients in 14 countries across the region.

The Holding Group (THG), which he founded in 1997 employs over 1200 employees in 57 offices spanning the Middle East and North Africa.

He is also chairman and world president of the International Advertising Association and was recently awarded the Dubai Lynx Advertising Person of the Year Award at the Dubai International Advertising Festival.

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Posted by: Louie Tedesco Tuesday, 4 November 2008 10:27 AM[UAE] - UAE

Thank you for reducing the constant flood of senseless real estate advertising. We have been so bombarded with your ad campaigns for the newest, biggest, most luxurious, ____(fill in the blank)____ real estate projects that we have been ignoring them for years now. Had you ever undertaken a survey, you'd have known this and would have instead directed your funds to delivering quality projects, on time. Your wasted full-page, often two-page, ads in local print media along with your pre-packaging of our daily newspapers trussed up like holiday hens serves only to irritate readers. We have received enough of your unsolicited silver coasters, aka CD / DVD, to host our cocktail parties and including more such rubbish in our daily news is simply wasteful. In case you ever wondered, no, we're not watching your computer simulations nor are we admiring your tiny models which lastly bear no resemblance to the neighbourhoods that you deliver behind schedule.

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