The government of Dubai said on Monday it will launch its own three-day real estate exhibition to promote the sale of completed and distressed properties across the emirate and attract more overseas investors.
"This initiative is part of our ongoing efforts to support the real estate sector and help more buyers, investors and tenants benefit from overall economic growth," said Sultan Bin Mejren, the director-general of Dubai Land Department (DLD).
“The festival will be instrumental in attracting and encouraging more buyers, providing them with access to new homes, and helping them obtain a comprehensive perspective of availability."
The three-day Dubai Property Festival, which this year will run from April 9-11 and include an auction of distressed real estate assets, is being staged in partnership with the Dubai-based events company, International Property Show (IPS), according to its organisers.
Dubai’s real estate market has been subdued in the past two years, with sales and rental prices declining in most segments amid sluggish economic conditions and muted demand. However, analysts have predicted the market could bottom out by the middle of 2018 and witness some recovery on the back of stabilising oil prices and a more buoyant business environment.
The new expo will rival other established real estate exhibitions in the UAE, most notably the annual Cityscape Global conference, organised by Informa exhibitions and staged in Abu Dhabi and Dubai in April and September respectively.
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Read more:
Dubai property stages a comeback
Property year in review: Tenant’s market and off-plan trend to stay into 2018
House prices in Dubai, Abu Dhabi witness ongoing declines between April and October, says Propertyfinder
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However, Cityscape has traditionally focussed on showcasing and selling off-plan properties. The DLD reported that sales of off-plan properties at last year’s Cityscape Dubai totalled more than Dh870 million ($236.8m), with more deals expected in the months following the show.
A total of 45,500 participants attended Cityscape Dubai over the three days, up by almost 20 per cent year-on-year from 2016.
DLD and the event organisers have initiated talks with banks to discuss potential new mortgage solutions and payment plans that could be offered at the show, said Dawood Al Shezawi, head of the Dubai Property Festival Organising Committee. The aim is to help a large number of tenants shift to own their own homes.
“On average, a Dubai tenant can own his home by spending eight years of rental expenses in his property instead of paying them to a landlord,” Mr Al Shezawi said.
“[The festival] will help end-users make such a transition by encouraging property developers and brokers to offer the best deals and help tenants to buy properties instead of continuing to rent.”
Most of Dubai’s residential stock of 448,000 homes are leasehold properties, according to DLD, with the majority owned by UAE and GCC nationals rather than foreign expats.
The total value of real estate transactions in Dubai rose 16.8 per cent to Dh132bn in the first half of 2017 compared with Dh113bn in the year-earlier period, DLD figures show.
A total of Dh151bn was invested by foreigners in the Dubai property market in the 18-month period to August 2017, according to DLD figures. Emiratis accounted for the highest amount of investment transactions (including domestic ones), followed by Indian, Pakistani, Saudi Arabian and British investors.
Majida Ali Rashid, assistant director-general and head of the Real Estate Investment Management and Promotion Centre, the investment arm of the DLD, told The National Dubai's property market is becoming increasingly mature and there is scope to increase levels of foreign investment "significantly".
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Super Saturday race card
4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m
UAE currency: the story behind the money in your pockets
Kibsons%20Cares
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The%20specs
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
