The Dubai Land Department (DLD) has embarked on an aggressive campaign to attract global investors to deploy funds in Dubai real estate this year.
The two-pronged campaign involves organising more editions of the Dubai Property Show internationally and taking out more road shows in key global cities all through 2018.
“With the increase in residential supply in Dubai, we need to bring in new investors to absorb the inventory,” said Sultan Butti bin Mejren, director-general, DLD.
The DLD will organise editions of the Dubai Property Show in London, Shanghai, Mumbai and Moscow. The regulator will also take out property road shows in Europe (Dublin, Antwerp and Monte Carlo), Africa (Cairo, Nairobi and Dar es Salaam), North America (Chicago and Dallas), Middle East (Kuwait, Amman, Riyadh and Jeddah) and Asia (Beijing, Singapore and New Delhi).
Each city in the global promotion plan has been meticulously selected based on feedback from developers.
Majid Saqer Al Marri, senior director, real estate promotion department, real estate investment management and promotion centre at DLD, said: “All developers, banks and registration trustees will support us in providing services to investors. We will promote both off-plan and ready properties in Dubai which have all the necessary approvals, licences and escrow accounts in place. Our message to overseas investors is that Dubai can offer yields of seven to 11 per cent compared with the three to five per cent you get in other global cities.””
“The developers and other exhibitors will decide what sort of incentives need to be offered,” said Kalpesh Sampat, managing partner at Gulf Sotheby’s International Realty. “But we have seen it done at earlier overseas roadshows.”
This initiative comes on the heels of the announcement of the Dubai Property Festival in April which is set to attract both international investors as well as residents.
Majida Ali Rashid, assistant director-general and head of the real estate investment management and promotion centre, said the DLD received 10,000 visitors at the Shanghai, Mumbai, Moscow and London editions of the Dubai Property Show last year, with the majority being investors. The value of bookings and sales made at these exhibitions reached nearly Dh3 billion.
The DLD also announced that it would organise the second edition of the Real Estate Tycoon Awards in London in September 2018. “We aim to recognise individuals and organisations who have elevated Dubai’s global standing as a real estate destination in the world,” added Al Marri.
Replying to a question on promoting Dubai real estate in Pakistan, Al Marri said: “We took into consideration different markets globally. We are waiting to explore more events in Pakistan. Pakistanis are among the top ranked investors in Dubai property.”
Discussing the impact of the value-added tax on Dubai investors, bin Mejren said: “VAT will help add value to the UAE’s infrastructure. There will not be a big effect on the property sector. It might have a small effect on commercial real estate.”