$10 billion more than what was spent on India's Gujarat International Finance Tec-City, Turkey's Istanbul Finance Center and UK's Stratford City
Next edition to focus on new architectural concepts and sustainable designs
Dubai, UAE, xx November 2015: The International Property Show, the annual event dedicated to developers and individual retailers in Dubai, triggered transactions of over US$ 40 billion between 2006 and 2015. This figure almost half of what it cost to build the King Abdullah Economic City Project in KSA or nearly $10 billion more than what was spent on Gujarat International Finance Tec-City in India, Istanbul Finance Center in Turkey and Stratford City in London.
Over the past ten years, the exhibition attracted around 99,883 visitors, with the UAE generating the highest value of deals. An average of 13,680 m2 of display area were allocated every year for the show.
The International Property Show Report, announced on the sidelines of preparations for the 2016 edition that will be held from 11 – 13 April at the Dubai International Convention and Exhibition Centre, demonstrates the transformation of International Property Show from a transactional residential property exhibition into a major residential, commercial and mixed-use property platform.
The Dubai Land Department’s latest report reveals that foreigners invested over AED 46 billion in property in the first nine months of 2015, with 132 nationalities buying property in Dubai. Indians came first with AED 13 billion, followed by Britons with AED 7 billion and Pakistanis with AED 5 billion. The list also includes Canada, Russia, China, US, and France.
“The sustained growth of the real estate sector is reflected in the growing number of investors every year to the International Property Show,” says Dawood Al Shezawi, CEO, Strategic Marketing & Exhibitions, organizers of the International Property Show. “The exhibition has emerged over the years into a prominent platform for retail transactions and investment in large projects. The next edition will focus on new architectural concepts and sustainable design trends such as underwater hotels, Hobbit inspired hotels, integrated safari hotels, and others.”
The exhibition will also highlight new trends in the real estate market, such as Airbnb, an online marketplace for people to list, discover, and book unique accommodations around the world, and how this would affect the hotel sector in the long run.
“The changing scene of FDI influences foreign investors’ interest in the local real estate market, as well as UAE investors with their prospects abroad,” added Al Shezawi.
International Property Show’s top 15 participating countries are: UAE, UK, India, France, Turkey, Australia, Spain, Italy, Saudi Arabia, Qatar, Pakistan, Kuwait, Russian Federation, USA and Philippines. Similarly, the relatively new strong markets such as Philippines, India, Western countries and Turkey are likely to center-stage in the next edition of the show.
A Deloitte report says that population growth has the potential to drive demand for residential and retail assets. “Super prime malls will continue to experience growth in footfall, whilst residents will drive demand for convenience and non-mall retail,” says Al Shezawi.
The show is held alongside the Annual Investment Meeting (AIM), the world’s premier emerging markets-focused FDI event held for the past 6 years in Dubai and organised by the UAE Ministry of Economy under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of UAE and Ruler of Dubai.
IPS benefits from the outpour of visitors (up to 16,000) including sovereign wealth funds, asset managers, high ranking government officials, high net worth individuals, entrepreneurs and the who’s who of the global business community.
The participants are expected to come from the following sectors: Investors, Real Estate Brokers and Agents, Property Developers, Financial Institutions, Legal Services, Facility Management and Media & Marketing, Investment Brokers, Management Services and Architecture & Design, and Government. Moreover, participants will also include Company Directors, Real Estate Professionals, CEO/Managing Directors, and Chairman/Partners.
International Property Show showcased in the past mega projects such as Omniyat - The Pad – Dubai, Tameer Holding - Al Salam City - UAE, Mazaya - Q-Point – UAE, First Qatar - The Pearl – Qatar, Jumeirah Golf Estates –UAE, Damac-Akoya Tower – UAE, Union Properties - Oia Residences – UAE, and Dubai Properties –Dubailand - UAE, and many others.