From rxpgnews.com
Dubai to hold property shows in India, Saudi Arabia
By Indo Asian News Service,
Nov 24, 2006 - 1:33:26 AM
Dubai, Nov 23 - The Dubai Department of Tourism and Commerce Marketing - together with Dubai Properties Group is planning to hold mega road shows in India and Saudi Arabia next year to lure more expatriates to invest in real estate in the emirate.
Since 2002 when Dubai opened its property sector to investments by expatriates, there has been a virtual boom in demand.
Cashing in on this demand, an estimated $100 billion worth of real estate projects were under construction or in the pipeline, DTCM director - Mohammed Khamis bin Hareb announced here Thursday.
Accompanied by DTCM manager - Khalifa Ali Buamaim and Dubai Properties Group executive director Adel Lootah, Hareb said this was the first time the department was organising dedicated road shows, conferences and exhibitions to promote the real estate projects in overseas markets.
'The market scene has changed for better since the Dubai government published earlier this year the locations where expatriates will be able to buy property,' said Hareb.
Altogether 23 areas and 45 plots including Jebel Ali, The Palm, The World, Dubai Marina, Emirates Hills and Al Barsha areas have been earmarked.
Properties worth over Dirhams 20 billion - were sold last year, according to market estimates.
Data collected from 315 real estate brokerages, dealerships and consultants in the emirate revealed that around 4,000 properties with an average price of Dirhams 2.5 million - were sold in 2005-06.
Over 40 real estate companies are expected to participate in the road shows to be held in August 2007 in New Delhi, Bangalore and Mumbai.
'Saudis and Indians have been the frontrunners in investing in real estate projects in the emirate and they continue to show greater interest in the Dubai market,' said Lootah.
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