The 16th edition of the Dubai International Property Show (IPS 2020), the Middle East’s biggest property sales platform for local and international real estate markets, organized by the Dubai Land Department (DLD) at the World Trade Centre, 24 – 26 March, will strengthen Dubai’s position as a leading destination for real estate investment.
Despite global economic fluctuations, Dubai has been able to weather these volatilities and maintain its economic strength and resilience. The Emirate registered a growth in various sectors, mainly real estate, thanks to several key factors, including the utilisation of technology and digital shifts, to enhance transparency in real estate-related transactions.
The growth can also be attributed to a host of flexible legislation and laws the Emirate has penned to protect investors, in addition the adoption of innovative, proactive measures to forecast trends and challenges in global real estate markets.
The organising of IPS 2020 comes in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to assess the current state of the real estate sector in Dubai and develop a comprehensive and integrated plan to study the market’s needs as well as reconsider real estate projects.
IPS 2020 is yet another step to support and promote all events and initiatives that highlight the attractiveness of the realty sector in the Emirate.
Mr. Walid Farghal, Director General of the International Property Show and Deputy Chairman of Dubai Property Festival said, “IPS 2020 will highlight investment opportunities in the UAE and will further give a boost to the country’s real estate market. Also, the pro-investment initiatives launched by the government that provide a comprehensive plan to support the real estate sector magnify its appeal to property developers and stakeholders. Aside from that, the country’s enduring reputation as an ideal investment destination makes the UAE a perfect place to promote the best investment deals to global investors.”
Through its stand at the three-day mega property event, DLD will highlight a variety of initiatives supporting the objectives of the High Committee for Real Estate, which was launched in September 2019. DLD will also give a detailed presentation outlining legislation and laws that have been launched over the past years.
DLD successfully succeeded in reflecting the positive image of Dubai’s economic position on the global investment map, due to its legislative transparency, and prioritizing investment security concepts, which helped attract more foreign direct investment to the sector.
Among these is the full-foreign ownership of projects and companies, the 10-year residency visa for investors, cancellation of fees for many government services, making real estate registration mandatory with DLD, and preventing real estate developers from collecting service charges on behalf of property owners.
According to the latest figures by the Dubai Statistics Centre, Dubai’s real estate sector grew by 2.1 per cent in the first half of 2019, compared to the same period in 2018, and contributed 7.4 per cent to the Emirate’s total GDP of AED 208.2 billion in the same period.
The recently issued law on the joint ownership of real estate in Dubai is one of the important laws that would contribute to enhancing the transparency of Dubai’s real estate sector and reinforcing its global stature. The law also aims at boosting competitiveness and enhancing investment in the real estate sector, while ensuring the rights of all parties are protected.
Among other facilities is Mollak, an innovative online system that allows co-owners of properties to pay service charges directly into the service accounts of seven approved banks. Property owners have the right to know how much they have spent on their building, and the system covers all common areas, property management companies, and developers.
Decree No.7, which grants non-UAE nationals the right to own freehold properties and lands in Dubai, has strengthened Dubai’s position as an attractive destination for living and owning homes. This move also contributed to entrenching trust of investors and property owners as well as reinforcing the realty sector’s vitality and stability.
Due to its world-class facilities and premium services, Dubai is now on par with the status enjoyed by cities like New York and London, in terms of the quality of real estate facilities and the bulk of transactions concluded in the Emirate. In 2019, Dubai set a new 12-month record for the volume of real estate transactions, registering real estate transactions worth AED 228 billion.
Dubai has been able to achieve a paradigm shift in the realty sector and has strengthened its competitiveness, thanks to the tremendous efforts made by the Dubai Government through DLD, whose mandate is to ensure Dubai’s global status as an ideal destination for real estate investment.
According to estimates, Dubai is set to welcome 20 million visitors by 2020, as Expo 2020 Dubai is to be held on 20 October. Rental and hotel rates are expected to hike, so it is a perfect opportunity to buy property now, even as a second home or investment property, to generate profits.