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More than eight million Londoners will have the chance to explore real estate opportunities in the UAE as a dedicated property showcase will debut in London next year.
British citizens rank as the second-largest property buyers in Dubai, having invested more than Dh10.4 billion in the property market last year and Dh3.14 billion in the first quarter this year, according to the Dubai Land Department.
Organised by Sumansa Exhibitions, the Dubai Property Show will be held at the Olympia West in London, from February 27 to March 1. The organisers expect around 2,000 serious buyers to visit the show.
At the recent launch of the event in Dubai, Sunil Jaiswal, President of Sumansa Exhibitions, said he expects British property investment in Dubai to hit between Dhl3 billion and Dhl4 billion this year.
''Through the Dubai Property Show we will spark interest and create awareness among Londoners about real estate opportunities in Dubai,'' Jaiswal told Property Weekly. ''We will bring together a diverse mix of developers and relevant others in the industry, such as lawyers, bankers, brokers, property managers, etc., all under one platform.
''The property market in Dubai is now more mature compared to that in 2006 and is offering several medium and long-term investment opportunities to foreign investors.''
As Dubai prepares for the World Expo 2020, the emirate will witness a lot of new supply in the next few years. Jaiswal believes owning property in Dubai will be beneficial for any serious real estate investor's portfolio.
''I think investors around the world should be taking note of Dubai as a place to invest because of the opportunities here. It is among the few places in the world where you can get excellent equity growth as well as good cash flow,'' he said.
The market has become more attractive for foreign investors, with the implementation of new government regulations such as increased property transfer fees and reduced loan-to-value ratios.
In light of the recent sharp surge in property prices, Jaiswal also believes a market correction will only have a minor effect on the property market, predicting a correction in values of between 10 per cent and 20 per cent. He does not expect a major downturn similar to what happened during the global financial crisis.
The Dubai Property Show will be the first collective showcase among Dubai developers abroad after the recession, Aga Sajid Ali, Director of Sumansa Exhibitions, tells Property Weekly.
''We are bringing an innovative concept through this exhibition, where we are presenting Dubai to another country,'' he says.
The organisers also revealed that India was earlier considered as the venue for the exhibition as government statistics show Indians as the top expat property buyers in Dubai.
''In August, because inflation in India was going up and the economy was down, Indians were restricted by law to invest anywhere abroad,'' said Ali. ''This made London the next-best option for the event, since British nationals were the second-highest expat property buyers in the city.''
Source: Property Weekly