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Emiratis remain a very powerful force in the local real estate market, but experts believe it is important to leverage the recent gains of Dubai to restore confidence among foreign investors. According to the Dubai Land Department (DLD), GCC investment in Dubai's real estate market exceeded Dh19 billion in the first half of the year, with UAE nationals responsible for 66 per cent of property transactions.
"Based on findings from the DLD, the sum of international real estate transactions last year exceeded Dh114 billion, nearly half of the Dh236 billion total," said Wouter Molman, Director of Cityscape Group. "Foreign nationals from 162 countries conducted property transactions in Dubai, further underlining the strength and stability of the market.
"The indications for the start of the year have also continued in a similar pattern, with investors from India, Pakistan and the UK spending more than Dh10.8 billion in the emirate's real estate market, accounting for 31 per cent of the total amount invested in the first quarter.
"At Cityscape Global this year we expect a very strong turnout from visitors across the world, and in particular these three countries as they look to maximise their investment potential here."
Molman said the success of government policies to regulate the market has helped restore foreign investor confidence.
Cityscape Global, which will be held on September 21-23 at the Dubai World Trade Centre, serves as a platform for Dubai developers to attract foreign investors. Outside of the GCC, investors from India, Pakistan and the UK make up the top three nationalities who visited the three-day event last year.
Organised by Informa Exhibitions and supported by the DLD, Cityscape Global will feature eight international pavilions this year, led by Turkey, which will have more than 2,000 sq m of exhibition space featuring more than 30 companies.
Co-located with Cityscape Global are three dedicated conferences — the Global Real Estate Summit, Future Cities and the Real Estate Brokers Summit. The conferences are expected to bring together more than 1,000 delegates and speakers. Also running in tandem with the exhibition is the Cityscape Awards for Emerging Markets.
Christophe Reech, panellist at the summit, believes the Middle East can become a safe haven for investors if the real estate sector offers transparency, maturity and visibility.
Understand the cycle
"The Middle East property sector is going in the right direction by adopting international standards, in terms of transparency and market rules, which is increasing investor confidence in the market," said Reech. "International investors are attracted by this level of rationality and can recognise that the Middle East is a promising and exciting market to be a part of.
"As long as investors understand the cycles and know that the pipeline of development is not timed randomly but follows a logical pattern, then they can carry out their investments with certainty."
To get more information click Cityscape.
Source: Property Weekly.