The tenth edition of an annual real estate show aims to highlight why the UAE property market continues to thrive.
If you’ve been living in Abu Dhabi for an extended period of time, you may have already toyed with the idea of ditching your rented apartment or villa and looking instead at buying your own home.
Asides from throwing away ‘dead money’ on rent – something that can add up significantly over time – owning your own property also has the potential to be a source of income.
Potential property investors can often be put off by the idea of mountains of paperwork, navigating contracts and getting a grip on interest rates – and that’s where the International Real Estate and Investment Show (IREIS) comes in.
Now in its tenth edition, the event will take place from 1st to 3rd November at Adnec, and will once again gather property sector experts from across the region under one roof.
As in previous editions, the event will showcase investment prospects both here and abroad, give visitors a glimpse into future projects and provide a golden opportunity for exhibitors to offer advice to potential buyers.
There’s even a Citizenship and Residency Expo Pavilion, which will play host to immigration specialists who can answer any questions about obtaining dual citizenship and overseas residency.
But what makes this year’s instalment one of the most talked about to date are the positive developments taking place in the domestic real estate market today – something that this year’s IREIS aims to highlight.
With the upcoming Dubai Expo 2020 expected to accelerate projects across the country, IREIS exhibitions director Dony Cryil is keen to emphasise what this means for the market.
“An increase in the rate of economic expansion is expected in the next two years, bolstering higher spending levels on property investments,” explains Dony.
“As for the real-estate sector, this is expected to increase stability and steady growth from the fourth quarter of this year.”
What’s more, the current downturn in property prices has also convinced developers to come up with innovative projects in a bid to capture new investors.
“Investor surveys done by IREIS reveal that expats coming in from Europe, US and Canada prefer a suburban lifestyle very similar to what they are used to at home, whereas Asian investors mostly prefer economical lifestyle investments,” explains Dony.
“Developers in the UAE have been able to meet these demands in the last few years by delivering projects that cater to the various needs of investors.”
A new generation
Another positive aspect that should boost this year’s IREIS is the recent change in government perspective on matters of property ownership for non-locals.
Haider Khan, CEO of property portal bayut.com, notes the importance of these advancements: “A big positive in the last few years has been the streamlining of regulations to protect both investors and developers, providing transparency in the market and creating an environment of increased trust,” says Haider.
“We have also seen a lot of first-time buyers enter the market, since the prevailing prices are investor-friendly and a lot of people now have the option to buy their first house or upgrade to a larger one.
“We are creating a whole new generation of buyers, something every property market aspires to do.”
Given the unpredictably of the property market, whether this buyer-friendly trend will continue or reverse heading into next year remains uncertain, so Haider advises striking while the iron is hot: “I’d say with prices where they are at the moment, it’s a great time to invest.
“Based on our market reports, we can see how the declines in property prices are starting to taper off from previous months, showing a potential bottoming out for the real estate industry in the region and the rental yields at the current prices are still very attractive.”
So Abu Dhabi looks like it will remain a firm choice for anyone looking to dabble in the property investment.
“There are plenty of exciting developments happening in the capital, particularly on Yas Island, Saadiyat Island, Al Reem Island and Al Maryah Island,” says Haider.
“Projects such as Water’s Edge, Jawaher Saadiyat and Al Bandar are getting a lot of interest. Well-reputed developers are competing in the region making sure there’s no compromise on quality nor a shortage of options.
“With so many attractive projects in the pipeline, Abu Dhabi could see a much more diversified investor profile.”
Need to know:
What: International Real Estate and Investment Show 2018
When: 1st-3rd November, 11am-9pm
Where: Adnec, Al Khaleej Al Arabi Street
Cost: Free entry
WORDS Ferdinand Godinez