Middle East built assets to rise by 63% to $8.7 trln by 2022
The tenth International Property Show www.internationalpropertyshow.ae , which will coincide with the Annual Investment Meeting 2014 at the Dubai International Convention and Exhibition Centre, will attract 300 companies from 80 countries on April 8-10
The exhibition, the biggest since inception that is supported by the Dubai Land Department, has emerged as one of the leading regional real estate venues for developers, investors and regional and international companies working in this field.
Sultan Butti Bin Mejren, Director General of the Dubai Land Department said that the property show provides an ideal platform that brings together developers, real estate brokers, private and institutional investors, major local and international real estate companies, providing a unique opportunity to clinch lucrative business and investment deals.
He added that the growth rates of the real estate sector in the region were very promising.
“We are witnessing an extraordinary period and the UAE is a fundamental pillar of this growth,” he said, adding that “the huge investments being made by local and regional companies in the development of infrastructure are among the greatest not only in the MENA region but also globally.”
Dawood Al Shezawi, CEO of Strategic Marketing & Exhibitions, organisers of the International Property Show, said: “We anticipate major regional and international participation in the International Property Show mainly because it is the first edition after Dubai won the bid for hosting Expo 2020. There is growing interest from real-estate developers from all over the world in the local market, especially Dubai, which is witnessing dynamic growth in the construction and infrastructure sectors.”
The previous edition unveiled 12 major regional projects by prominent developers. According to the organizers, this edition will see a higher number of new projects to be launched.
The participating companies include 18% from the hotel and leisure sector, 17% from commercial and residential (15%), offices (15%), retailers (13%), urban development authorities (12%) and free zones (10%).
Exhibitors are coming from all over Europe, Asia Pacific and North and South-East Africa. These will include developers involved in the development of residential communities and high-rise buildings, entertainment facilities, retail outlets, financial institutions, banks and investment companies, pension funds, asset management companies, authorities, investment zones and engineers of construction and interior design.
Meanwhile, the Global Built Asset Wealth Index, which quantifies the accumulated wealth of built assets of 30 countries and is conducted by EC Harris in conjunction with the Centre for Economic and Business Research, has revealed that the Middle East real-estate market is expected to see a built asset increase of 63%, amounting to US$ 8.7 trln by 2022.
According to this Index, the UAE’s built asset wealth stood at $122,809 per person, while in China it was $26,000, which is slightly more than one-fifth of the UAE.
Get all the latest news and videos in your inbox. Register FREE