IREIS 2008 reports 45% increase in exhibit space as leading real estate players confirm participation

Exhibit space at IREIS 2008, to be held from the 30th January to 2nd February 2008 at the Abu Dhabi National Exhibition Center (ADNEC), is expected to top 9,500 square meters compared to around 6,500 square meters for the previous edition, held in March 2007.

Among the confirmed participants at IREIS 2008 are Sorouh Real Estate, Hydra Properties, Falconcity of Wonders, Real Estate Bank, Profile Group Properties, Long Coast Development, Union Properties and Royal House. The show will be held under the patronage of His Excellency Dr. Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council.

Antoine Georges, Director of Dome Exhibitions, the organizer of IREIS said he is pleased with the growing profile of the show, and attributed the success to the dynamism of the real estate industry in the country and the unique buyer-seller interface offered by the event. "IREIS distinguishes itself from other property shows in the emirate as it focuses on the final customer rather than trade visitors. This makes it an ideal platform for key players from the property industry to close business at the show", he said.

Commenting on an HSBC Global Research report published last month which stated that property prices compared to per capita GDP in Abu Dhabi were among the lowest in the world, Georges noted that the study highlighted the tremendous property investment potential in the UAE capital. Abu Dhabi is facing a shortage of residential and commercial properties and several large property development projects are underway to address this deficiency, he added.

Since 2005 when the first steps were taken to open up the UAE capital's property sector, more than AED 350 billion worth of property projects have been announced in Abu Dhabi alone. Major master-planned property projects unveiled in Abu Dhabi include Reem Island (AED 30 billion), Saadiyat Island (AED 27 billion), the Al Raha Beach Development (AED 45 billion) and Danat Abu Dhabi (AED 34 billion).

Salem Al Moosa, Chairman and CEO of Falconcity of Wonders, stated that the company had a very positive experience at IREIS 2007, prompting the management to return to the show in 2008. "We had never tapped the Abu Dhabi market before. At IREIS 2007, we were pleasantly surprised to realize the level of interest from buyers based in Abu Dhabi".

"I expect the property and real estate sector to remain buoyant and dynamic in the coming months. The market is moving into a new cycle where real estate developers are targeting first-time homebuyers as well as investors looking to complement existing assets", he added.

According to Guy Sadler, Head of Marketing, Profile Group Properties, "The large number of infrastructure, residential, commercial and tourist projects in Abu Dhabi have opened up diverse options for investors interested in the Abu Dhabi market".

Stating that Profile Group's major priority in the coming months would be to focus on delivering luxury apartments at Marina Heights, part of the company's development on Reem Island, Sadler added that a mix of residential and commercial units, all with water access and views would be offered for sale at IREIS 2008.

IREIS 2008 builds on the successful platform established by its three previous editions. The show, first introduced to an emerging real estate market in Abu Dhabi in 2005, has achieved impressive growth.

IREIS 2007 held earlier this year, under the patronage of His Excellency Dr. Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council, had 52 exhibitors taking part occupying an area of over 6,500 square metres. This marked a 100 percent increase over exhibit space from the 2006 edition. Exhibitors at IREIS 2007 included master developers, property development companies, real estate agents and major financial institutions.