Seminars to address real estate sector

As a result, Home Owner Dubai, which takes place 3-5 June 2004 at the Jumeirah Beach Hotel Conference Centre, has launched a series of seminars that will offer advice and insight in to the processes of buying and investing in real estate.

Dubai's real estate sector continues to witness a phenomenal rise. Projects such as the Emaar Marina Complex of 190 new residential towers, Dubailand's US$ 4.9billion tourist and residential development, as well as the application of US$ 5.4 billion in new construction projects since the beginning of the year are all contributing to Dubai's real estate boom.

The low level of international interest rates, global liquidity and deficiency of investment opportunities is also contributing to government forecasts that there will be a US$ 50 billion investment in real estate by 2010. With demand for property strong, those forecasts seem realistic.

"Although Dubai is seeing a massive increase in its real estate sector, questions continue to be raised about its sustainability and the levels of investment in the real estate sector," said Simon O'Herlihy, General Manager of Marketing for Home Owner Dubai. "The lack of market indicators, such as average house prices, is making assessment of the future of the real estate sector difficult. Moreover, the absence of real estate inflation makes Dubai's boom distinctive, couple that with the sheer scope of the plans that developers have announced and there are increasing worries about the risk over oversupply."

"Although it is reasonable to be cautious, Home Owner' Dubai's seminars will go some way towards answering some of the concerns purchasers and investors have" commented O'Herlihy. "The structure of this years seminars are designed to focus on the developments that are coming to market, the financing of real estate, portfolio investments - what are the returns and why invest and the legalities of buying real estate either for individual purchases or institutional investors."

The seminars, run in conjunction with the Home Owner Dubai exhibition, have seen a marked interest from overseas visitors. "With the promotion that Dubai receives internationally, the increase in tourism as well as holiday makers purchasing second homes in Dubai has meant that international visitors to Home Owner Dubai is an important driver for participants in the event" remarked O'Herlihy. "Last year nearly 10% of our visitors were attracted from overseas. Our promotion efforts so far have indicated that this figure is on track to increase substantially".

"To address the interest form overseas, we are also running a day of seminars during Family Day which takes place on the 4th May," said O'Herlihy. "These seminars will be broader in their subject matter and will target the entire spectrum of property, interiors and finance while also giving an insight to living in Dubai to those form overseas".