Dubai Land Department said its upcoming three-day property festival is set to boost the emirate's real estate market.
The Dubai Property Festival (DPF), which takes place at the Dubai Wold Trade Centre between April 9 and 11, is set to rival the long-established Cityscape Global conference, organised by Informa exhibitions, which takes place in September each year.
The festival, which is being organised through the investment arm of DLD, the Real Estate Investment Management and Promotion Center, coincides with a number of other events aimed at attracting investors to the UAE.
“The game-changing DPF will stimulate the real estate market in Dubai as we expect to see a large number of buyers lining up to buy their freehold homes from a wide choice and with the best bargains available,” said Dawood Al Shezawi, head of the organising committee of DPF.
The event will form part of the larger 'Real Estate Investment Week', which will include a number of other events being held to boost real estate investment and gather investors from around the globe.
“Dubai’s real estate sector is strong and the emirate has unique assets to attract foreign capital in this sector including a high return on investment, which strengthens investor confidence,” said DLD director general Sultan Butti bin Mejren.
“By creating a secure and welcoming environment for real estate investment, which involves protecting investor rights through escrow accounts, we help foreigners to benefit from flexible payment plans and more attractive investment offers in the real estate sector,” he added.
According to statistics from Bayut.com, the return on investment for apartments in Dubai last year was 7 percent, compared to 5 percent for villas, despite an overall softening of rent and sales prices.
“When it comes to investment in real estate, Dubai remains a global magnet that attracts a large pool of foreign investment,” said Majida Ali Rashid, the assistant director general of DLD and head of the Real Estate Management and Promotion Center.
"We have seen a growing interest amongst investors in key emerging markets such as China, India, Russia and Central Asia, as well as developed markets such as the United Kingdom, where we held investment roadshows and exhibitions in recent months.
“With new supply across the residential, commercial, hospitality and retail real estate sectors, investors stand to benefit from attractive pricing and payment plans that will help them to multiply their return on investment,” she added.
The DPF, Ali Rashid added, will provide an “excellent” opportunity for investors, developers and buyers to get a better look at Dubai’s real estate environment.
A recent report by Jones Lang LaSalle revealed that Dubai is among the world’s top destinations for Foreign Direct Investment (FDI). In 2017, DLD recorded 69,000 property transactions collectively worth AED 285 billion ($680 billion).For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.