With the subprime crisis taking its toll across the States, and the knock on effect also hitting Europe, overseas builders and agents are targeting the UAE property market to shift their residential and commercial property stock.
Cityscape Abu Dhabi which closed last week was just one example of why the world’s battered real estate industry is putting the Gulf States and in particular the United Arab Emirates high on their sales and marketing agendas, said an industry expert.
With recent local property shows attracting record crowds, the UAE is becoming the place to be for foreign developers to sell their projects.
These foreign builders are desperately looking for new territories to shift their residential and commercial property stock, said Dubai based organiser Mike Bridge from Dubai Shows Limited.
"In the past 15 years, since we have been running our Worldwide Property Shows, we have never had some many agents and developers from such a wide area abroad requesting to participate."
"This weeks’ show has in fact broken all records for us, with over 85 exhibitors representing 34 countries taking part, many travelling across the globe to market their projects to buyers here in Dubai. We just do not have enough space to accommodate everyone, and our show the following week in Bahrain has expanded by an extra 78 per cent," he noted.
"While Home owners across the States would be lucky if even one buyer walks up their garden path just to view, exhibitors in Abu Dhabi last week were actually having to employ security guards just to hold back eager buyers and investors all pushing to grab a piece of the latest tower block in the capital."
Even the UAE government asked the organisers to extend the show by a day, to allow buyers the time to put down their deposits!
Bridge said this weeks’ 'Worldwide Property Show' had a large number of US exhibitors taking part.
One agent from Orlando told us that where in the past buyers were paying top dollar for his villas, developers are now offering the same homes at knock down prices and will include all the furnishings plus the pool as well.
He added that due to the weak dollar this region has actually seen an increase in rental income as Europeans in particular flock to the theme parks. Mickey he told us is it seems...subprime proof!’
‘Many UAE based residents who have made a reasonable returns on their property portfolios here, are prepared to spread their buying power, and are now able to pick up some exceptional deals overseas, while remaining active in the local market as well, said Bridge.
The Worldwide Property Shows are being held from May 22 to 24 at the Grand Hyatt Dubai and on May 28 to 31 at the Bahrain International Exhibition Centre.-TradeArabia News Service