Thursday 16th October UAE property market remains robust even as global financial crisis continues Last 12 weeks have seen property prices continue their northward journey across the UAE

UAE property market remains robust even as global financial crisis continues
Last 12 weeks have seen property prices continue their northward journey across the UAE

Dubai, 16th October 2008: Even as global banking institutions and governments continue to battle a slew of market downslides, property prices and demand in the UAE has remained robust. Thursday sees the opening of the 7th R&R Local Property Show at the Crowne Plaza, Dubai and the show has been sold out for months. The official opening will be undertaken by H.E Sheikh Juma bin Thani bin Juma Al Maktoum chief of the escrow accounts at RERA and Dr. Salem Al Shafiei Managing Director of the Dubai Real Estate Institute – Education Partner.

“We are delighted to be working with both RERA as Patron and Dubai Real Estate Institute Education Partners of the event. It is essential that we all work together in ensuring that consumer interests are protected when purchasing property and that they are being served by real estate professionals all working to a high standard. We value the role our exhibitors play in ensuring they all adhere to these standards and their desire to serve the market in a purely professional manner stated Abdulla Al Noaimi,” Event Director for DSL Exhibitions.

“Dubai Real Estate Institute’s initiative to participate as education sponsors of the event is in line with our conviction that specialization and training of professionals is an imperative need in today’s competitive global marketplace. The event will allow us to interact with diverse stakeholders to whom we offer our study models. Through our programmes, based on global best practices and developed by prominent international universities, we aim to build capacity among drivers of the real estate industry across the region for moving the sector into its next growth phase,” commented Dr. Salem Al Shafiei, Managing Director of DREI.

As the first consumer focused show of autumn the show is the only locally focused event showcasing a wide array of local developers and agents from across the UAE. The focused has shifted from being a Dubai driven market to new markets offering consumers affordable housing and investment option. In particular Ajman, remains a very popular investment destination

Platinum sponsor for the event Chapal World master developers in Ajman commented
“Property prices in Ajman have risen by an average of three to five per cent every month for the past two years. When Chapal launched our projects in February 2007 our average property selling price was 300dhs per sq.ft. It is now Dhs 625 to Dhs 650 per sq.ft. In three months time, we will bring them to a 700 to 750 Dhs per sq.ft. The property market is still in its primary stages in Ajman. We anticipate that when infrastructure is built and people can see more towers ready for handover Ajman’s secondary market will surge,” said Mr.Khurram Wahid, Director for Chapal.

“Prices are still rising in Ajman and the demand is now increasing. More and more people have realized Ajman is a good and rising investment opportunity. This is good news as we can expect a steady future ahead of us,” commented Ikram Sheikh from Tricon Properties.