Dubai reveals plan to launch new real estate festival

 Dubai reveals plan to launch new real estate festival

Dubai Land Department (DLD) on Monday announced plans to launch of Dubai Property Festival, a three-day sales and purchase event to be held at the Dubai World Trade Centre on April 9–11.

The real estate authority said the festival would coincide with a series of events in Dubai aimed at attracting more global investment to the UAE.

DLD said in a statement that the three-day festival is expected to generate considerable buying and selling activity by hundreds of participants including property developers, brokers, lenders, mortgage providers, investors and home buyers.

Sultan Butti bin Mejren, director general of DLD, said:    “DLD plays a vital role in reshaping Dubai’s real estate sector to help drive the economic vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

“This festival initiative is in cooperation with the International Property Show, and part of our ongoing efforts to support the real estate sector and provide an ideal environment for all relevant parties. We are confident that with this festival and beyond, the real estate sector will continue to grow and contribute to strengthening our economy.”

The festival will be annual event and will be instrumental in attracting and encouraging more buyers to the emirate, he added.

Majida Ali Rashid, assistant director general, said: “We are delighted to launch DPF that will showcase Dubai as one of the top real estate investment destinations in the world. The festival will provide an excellent opportunity for investors, developers and buyers for strategic networking and doing business in a safe and secured environment.”

Most of Dubai’s residential stock of 448,000 homes are leasehold properties, with a large chunk of the villas being owned by UAE and GCC nationals.

Foreigners mostly rent homes although tens of thousands of freehold homes are also owned by foreign nationals, the statement said.

DPF will be part of the Real Estate Investment Week that will see a number of events being held to promote investment in real estate.

Arabian Business

08 Jul 2020