UAE property market matures overnight

This was the message that came out of the R&R Local Property Show, which opened at the Sheikh Zayed Center for Conferences & Exhibitions, Ajman University of Science and Technology.

The show is being held under the patronage of H.H. Sheikh Dr. Majed bin Saeed Al Noaimi - Head of the Ajman Amiri Court.

"Ajman, which has always played the underdog to Dubai's real estate, is suddenly in the limelight, thanks to a confluence of a number of factors, but most importantly, due to continuing end-user demand," said Tessa Morris, Marketing Director, DSL Exhibitions - organizers of the R&R Local Property Show.

"As a market, Ajman has traditionally focused on mid-market units, offering affordable value to the consumers. Now, as the market accustoms itself to low speculator activity, a focus on service is becoming an important part of developers' strategy to attract the customer who is looking for property to live in."

Being well entrenched in the mid-market segment, Ajman is likely to continue to do well - particularly since real estate prices here have not swelled as they have due to speculator activity in Dubai.

In that sense, the Emirate is well protected. End-user demand remains high due to very high rents across the UAE and this is likely to drive buyers to Ajman.

While industry insiders believe that there will be an impact of the global financial crisis even on this market, it is expected not be as severe as elsewhere.

"We are very pleased at the positive response from the companies exhibiting at the show," commented Abdulla Al Noaimi - Event Director for the R&R Local Property Show.

"They are confident in the potential to keep attracting the segment of the market looking for mid price property investments."

"In a market where end users are increasingly comparing the relatively growing cost difference between Ajman and Dubai, in comparison to the diminishing difference in quality of life offered by both emirates, Ajman is winning more on investor and end user confidence. This is true also when we look at the continuously faster sales phase completion of Chapal's projects in Ajman." commented Jawad Chapal, Executive Director for Chapal

As an education partner to the event, Dr Salem Al Shafiei, Director of Dubai Real Estate Institute (DREI), said:

"The UAE real estate sector is on the right track, evolving and maturing into a more dynamic industry. As a socially responsible organization and the first specialized academic institution dedicated to the development of real estate sector, we consider imparting knowledge and educating all stakeholders on global best practices is the key to raising regional standards. Awareness among the developers, investors and end-users is the key element that facilitates growth and we believe we are taking the industry in that direction."

Mr. Mohammed Hussein Al Nemer, board member and Chief Marketing Officer at Awali Real Estate Investments - Gold Sponsor of the show commented on the show, saying: "Our participation in the Local Property Show is an important step in our strategic promotional plan for Awali City. The show correlates perfectly with the economic leap the emirate of Ajman is currently witnessing, which strongly indicates that government officials are keen to keep in touch with the leading entities in the real estate sector, and to stay up to date with the latest projects and developments.

"By participating in the event, Awali seeks to continually stay in touch with investors and those interested in the real estate sector, offering them the chance to take a closer look at Awali City project and to study the many opportunities it offers. In addition, the show will also pave the way for participating companies to exchange ideas and expertise, and to discuss the Emirati market, which could lead to increased growth and better development of projects", added Al Nemer.