Multi billion dirhams in sales caps International Property Show 2007

This year's exhibition, which witnessed increased participation from leading international real estate and property developers, ended with a resounding success with record sales and 70 per cent of exhibitors confirming for bigger participation in next year's edition scheduled for February 17-19, 2008.

International players, who featured prominently in the event, accounted for combined sales of USD 170 million due to the increased regional interest for the large-scale projects and properties on offer. Amongst the top earners was the leading American residential real estate developer, The Corcoran Group, which posted sales to the tune of USD 130 million. The group attracted maximum demand for the residential ocean liner 'The Orphalese' it launched during the exhibition and for the Continuum Tower on South Beach, Miami, Florida. Representing the increased regional interest in European developments, Aegokeros Properties from Cyprus gained USD 6 million in sales for the Aphrodite Hill villa compound and was among the first developers to confirm a larger presence at the International Property Show 2008.

Commenting on the excellent results, Gabriel Bedoya, Vice President, The Corcoran Group in New York, said, "The International Property Show has cemented its position as the largest transactional property exhibition in the region, as evident in the high sales of properties that took place during the event including our record three day result of USD 130 million in particular. The show proved to be a perfect venue to launch and highlight our iconic projects, as it attracted the right investors looking to maximize their returns."

Local and regional developers had registered impressive earnings and high profiled participation according to companies' representatives. High Rise Properties ended its three-day participation with AED 1.3 billion in sales and bookings for its various projects including the Emirates Flag Towers and the Rotating Tower. The exhibition also served as a venue for highlighting property-related services such as the financing scheme jointly launched by Sorouh Real Estate and Amlak Finance, which offers up to 97 per cent financing for residents of Sky Tower located in Abu Dhabi.

"Emirates Flag Towers, our marquee development, elicited large interest among local and international investors on the lookout for prime property portfolios. We gained AED 1.3 billion in sales during the three days of the event and have established new contacts interested to explore business. We are extremely pleased with this year's outcome, and we look forward to an even bigger presence in the next edition," said Abdul Hakim Al Tayer, Chairman of High Rise Properties.

Further testament to the leverage of the International Property Show was the record sale of the 120th floor of Burj Dubai by Advanced Real Estate - Al Taqadom to Italian investors who shelled out AED 50 million for a prime space in the world's tallest building. The brokerage company, which promoted various property developments in the high-profile event, announced that the deal took place during the last day of the exhibition.

International Property Show 2007 recorded 20,000 visitors from across the globe who gathered to view the high-value projects and properties showcased. Of note was a Chinese delegation comprising of 40 leading property developers who were introduced to local and regional players. The visit, which included a tour in Dubai's iconic landmarks, paved the way for future business deals and investment plans for the Chinese developers. The exhibition also hosted seminars on new projects, real estate strategies and market growth by renowned international speakers including Joseph Gonzales, President of Gonzales Partners, Chicago.

Dawood Al Shezawi, Managing Director, Strategic Marketing & Exhibitions said, "The third edition of International Property Show closed on high note with impressive sales. Our exhibitors particularly cited the high-profile visitors to their stands and the efficient organization on our part that ensured order in spite of the large crowd and the different activities taking place."

"Most exhibitors have already confirmed for larger participation at next year's edition, and we expect to attract bigger numbers in the coming months. International Property Show 2008 will be broader in terms of participation, space, and footfall, and will continue to bring relevant features to participants and visitors interested in real estate and property developments in the UAE and around the world," concluded Al Shezawi.