First-time buyers set to dominate Dubai realty market: International Property Show 2016
The millennials are likely to be the most prominent players in the market
Dubai, UAE, 17 January 2016: With so many new homes slated to enter the market, demand is projected to increase rapidly, especially from the millennials (those born between 1976 and 1990) who are primed to venture into buying homes instead of renting, according to the organizers of the International Property Show 2016.
The Middle East’s biggest property sales platform for local and international real estate - the 12th edition of the International Property Show, which will be held between 11 – 13 April 2016, expects to see significant response from this category of first-time buyers.
The organisers say that the Dubai realty market is now more a brick-and-mortar market. Moreover, banks are offering better deals to owner-occupiers than to investors, which reinforces the new trend.
Organisers of the show say that it is easy for more first-time buyers to qualify for a mortgage provided they are full-time employees. Moreover, the recent move of Dubai Municipality to allocate over 100 hectares of land for affordable housing, mostly to meet the demand from people earning between AED 3,000 and AED 10,000 per month, supports this trend.
Accredited by the Dubai Real Estate Regulatory Authority (RERA), International Property Show is the leading consumer event in Dubai making it a perfect platform for both International and local real estate markets to showcase their residential, commercial and mixed-use real estate products and to conduct serious transactional business.
“We are delighted to be a part of the IPS for a third year in a row. We have had a great response from our clients and have taken our own involvement to the next level by becoming a Bronze Sponsor of the event. We are definitely looking forward to the show this year and once again being part of IPS 2016”. - Abdelbasset Betraoui Managing Partner, Land Sterling Chartered Surveyors And Property consultants.
“We expect companies to showcase no-frills homes with prices tailored to the middle income buyers, and first-time buyers,” says Dawood Al Shezawi, CEO, Strategic Marketing & Exhibitions, organizers of the International Property Show. “As the market is entering a new cycle, first time buyers will find greater convenience than in the past, including lower down payments, flexible lending standards and a bigger selection of homes to choose from. We are confident this new cycle will reveal a new category of buyers that real estate companies will target in the coming years.”
“We at the International Property Show allow retail sales on the exhibition floor. This brings more diverse number of buyers every year. 2016 will hold the best news for first-timers, especially considering that buying homes makes better sense than renting,” added Al Shezawi.
The show will be held at a time when the ‘brick and mortar’ housing market boasts greater flexibility and clarity. “With rents rising faster than incomes, many first-time buyers are expected to start considering buying homes of their own rather than renting. This will generate more transactional deals of this category of buyers. The International Property Show 2016 will feature homes that fit the needs of both buyers and investors alike and that cater to all budgets. Buyers from all around the world will be scouting for attractive deals at the three day show,” said Al Shezawi.
The exhibition, which triggered transactions of over $40 billion between 2006 and 2015, is gearing up to welcome the largest number of exhibitors this year. Among them are Land Sterling, Wahat Al Zaweya, Vendome International, Green Valley, Rubina Real Estate, Richland Real Estate, and Christie’s International Real Estate, that solely manages EMAAR’s properties.
“We at Christie’s International Real Estate UAE are delighted to be Platinum Partners of the International Property Show 2016. As first time exhibitors at the show we are especially privileged to be showcasing some of our exquisite properties and projects within the UAE as well as looking forward to learning more about the upcoming developments within the country”- Brian Ethemad, CEO.
We are excited to reach out to our existing clients from across the globe and to introduce new clients to our prestigious brand and what our company has to offer.
An innovative annual event organised for international and local companies involved in sales and promotion of real estate to individual and institutional investors, the 12th International Property Show will feature new architectural concepts and sustainable designs that will be put forward at the show to help developers closely observe and showcase new market trends according to Al Shezawi.
“At the show, consumers and real estate professionals from the Middle East and the rest of the world will capitalize and take advantage from the best property deals locally and internationally through this one-stop shop’ opportunity we offer,” concluded Al Shezawi.