UAE property market attracts $1.5bn from Russia
Dubai, September 22, 2008
Russian investors, seeking more investor-friendly markets overseas, are expected to pump $1.5 billion into the Dubai property market by end-2008, a report said.
The report, released by Strategic Marketing & Exhibitions (SME), organiser of the International Property Show in Dubai, said that the eagerness of the Russians and the inflow of real estate investments from Moscow-based multinational corporations, has prompted SME to launch the International Property Show Moscow 2008.
It said the high profile networking and transactional event will feature prime real estate projects from Dubai and across the globe during its three-day run, from November 10 to 12, 2008 at Hall 1 of Crocus Expo International Exhibition Centre in the Russian capital.
The show will occupy 4,730 sq m of in exhibition space and is expected to welcome over 100 exhibitors and more than 15,000 trade visitors, making it the biggest transactional trade and public property exhibition in Russia.
The event has been designed to attract high net-worth individuals, commercial and residential investors and specialised visitors from the Russian and global property industries.
The event will also showcase services in commercial, residential and holiday properties, as well as industrial projects.
Russian investors are fast becoming the biggest segment of investors and buyers in the GCC real estate market. Recognising the attractive prospects in the Dubai real estate market, over 800 Russian investors have bought both commercial and residential properties in the emirate estimated at over Dh700 million ($190.5 million) in the last few years.
With Dubai and the rest of the UAE's growing repute as a safe place to invest in due to the excellent returns Dubai-based properties have brought to investors, SME aims to leverage the global market's exceptional outlook towards the country.
'The high potential of Russian-based investors to make large-scale investments into the booming Dubai real estate market has prompted us to bring the International Property Show to their market,' said Dawood Al Shezawi, managing director, Strategic Marketing & Exhibitions.
'We are expecting investors, property dealers, real estate agents, property owners, contractors, constructors, portfolio managers and solution providers to take advantage of the outstanding opportunities that abound this inaugural event, as well as the vast expanse of personalised services related to the real estate sector, which will be highlighted by leading regional and global companies,' said Al Shezawi.
'The property market in the UAE is witnessing continuous growth with a mix of local, regional and international investors intensifying current market activities, thereby creating an exceptionally aggressive market that is approaching record prices.
'By bringing together a wide array of exciting projects from across the world in a high impact event to be held in a booming real estate market such as Moscow, we are expecting a considerable number of properties to be sold within the event's run. In addition, we are also looking forward to providing a platform where participants can establish strong personal relationships with worldwide players in the property and investment markets,' said Al Shezawi.
SME launched the International Property Show in 2005 as an annual event originally held in Dubai, to bring together international and regional exhibitors, property developers, financiers, real estate agents and consultants, designers and others involved in the local, regional and global real estate industry.
Last year’s edition recorded a huge success, with multi billion-dirham worth of deals closed and more than 18,764 visitors from 70 countries attending the event.
In addition to this high profile real estate event, SME also specialises in organising international exhibitio