Dubai Land Department (DLD) has announced plans to host a three-day property show in the emirate in the second quarter of this year.
Set to take place at the Dubai World Trade Centre (DWTC) from 9-11 April, Dubai Property Festival (DPF) will be a sales and purchase event aimed at attracting global investment into the UAE, DLD officials revealed.
Speaking at the launch of the event, HE Sultan bin Mejren, director-general of Dubai Land Department, said: “DLD plays a vital role in reshaping Dubai’s real estate sector to help drive the economic vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
“It is the duty of DLD to ensure that growth and prosperity continue in this sector, and help more buyers, investors, and tenants to benefit from overall economic growth, as well as contribute to the activity of our economy."
According to DLD, the festival’s target participants include not just property developers but also brokers, lenders, mortgage providers, investors, and home buyers.
The authority further revealed that DPF, organised in cooperation with the International Property Show and Real Estate Investment Management and Promotion, will be part of the Real Estate Investment Week.
The show will be held alongside a series of events, including an investor roundtable and a property auction, as well as workshops and training programmes.
Dawood Al Shezawi, head of the festival organising committee, commented: “The festival will be a game-changing initiative that will help a large number of tenants shift to own their homes and stop paying rent.
“On an average, a Dubai tenant can own his home by spending eight years of rental expenses on his property instead of paying them to a landlord. DPF will help end users make such a transition by encouraging property developers and brokers to offer the best deals and help the tenants to buy properties instead of continuing to rent.”
Noting that Dubai and the UAE already have a number of annual property shows, Al Shezawi explained that the main idea behind DPF is to foster cooperation among industry stakeholders, most notably developers, banks, brokers, and the government.
He added that DLD and the organising committee will also be screening participation in the event and putting together a list of criteria that must be met “to make sure that participating developers will really be offering something”.
According to Al Shezawi, DLD has not identified a target number of exhibitors, saying that the focus will not be the size of the event but how attractive it will be to stakeholders in terms of “who will be contributing and participating”.
Speaking with Construction Week on the sidelines of the event, Atif Rahman, director and partner at Danube Properties, revealed that Danube will “definitely” be participating in DPF.
“I believe this kind of show doesn’t exist,” said Rahman. “Every other show is about showcasing your property as a developer or as a broker. The unique thing about this show is that you will not just be going to showcase but also to generate revenue.”
He pointed out that other property shows don’t require exhibitors to create special offers for buyers, while DLD has made it “very clear that everyone has to participate with some special offer and create real advantage for the buyers”.
Meanwhile, Faris Saeed, chief executive officer of Diamond Developers, noted that the introduction of the festival into the event scene in Dubai will not necessarily affect other shows’ participation and attendance.
He explained: “In the first half of the year, we don’t have any proper exhibitions. We usually have one or two in the third quarter, but nothing in the first or second quarter.
“I think every six months there should be a big event like this.”