Local interest in international property greatly on the rise, say industry watchers

Among the many destinations that evoked buyer interest, it was Spain, Morocco, Australia, the UK and The Dominican Republic that emerged as the most popular destinations for UAE nationals and residents.

George Betz, International Sales Director of Dubai Shows commented that the visitor response to the Worldwide Property Show was marked by very high levels of market knowledge, interest and enthusiasm, resulting in several sales of property during the three-day event. 'According to our exhibitors, a significant percentage of more than 2,750 visitors who attended the Worldwide Property Show at the Grand Hyatt in Dubai were serious buyers, with a record number actually purchasing second houses, retirement or holiday homes, or investing in the international property market.

'Over the years, we have seen UAE property buyers match global trends, as they move away from 'local' or 'native' purchases towards more distant but attractive destinations. Until recently, most people chose to buy property here in the UAE where they live, or in their country of origin, but they are now increasingly veering towards globally attractive markets. The massive interest in the Dubai property scene had certainly diverted a lot of funds away from buying abroad in the past 18 months, and our UAE exhibitors are still very busy. However, many visitors who have already bought a home or investment in Dubai now seem to be keen to look at overseas purchases,' he said.

Betz said that of the visitors who made investments in freehold property around the world, there were UAE nationals, other Arabs, Asians and Europeans. 'Spain undoubtedly emerged as one of the most popular destinations at the event, with several exhibitors featuring different types of Spanish properties in their portfolio, and many of which were sold to interested visitors. Other popular choices were properties based in Australia, the UK and the emerging market of the Caribbean island of The Dominican Republic. Several exhibitors were offering freehold homes in Northern Morocco and in Marrakech with great interest from both Arab and expatriate investors. Another exhibitor that garnered great visitor interest was the Sokouk freehold property of Zam Zam Tower, located in close proximity of the Holy Mosque in Mecca, The Kingdom of Saudi Arabia,' he said.

Speaking on behalf of successful exhibitors, Derryl Philpot of Undiscovered Spain confirmed that the company had sold several plots of land in rural Spain, with accompanying permission to build. 'We witnessed amazing visitor interest in our properties, with as many as 75 enquires that will be followed up in the ensuing weeks, and more than six confirmed sales. I believe that Dubai residents have two distinct agendas when it comes to investing in international property - it is either Buy to Own, or Buy to Sell. Either way, there are several savvy and sophisticated property buyers in the UAE, and Undiscovered Spain looks forward to coming back to Dubai and Abu Dhabi for the next Worldwide Property Show tour in November,' she said.

Meanwhile Majestic, another exhibitor at the event, confirmed that they had sold 25 units of a property complex to a Belgian consortium of investors residing in Dubai. 'We had not really expected to sell, as our agenda was to raise awareness and market our offerings, but Dubai has exceeded all our expectations,' said a spokesperson.

George Betz added that the large group of local realtors showcasing freehold properties located in Dubai also did brisk business at the exhibition, with several developers taking deposits on their stands.

The organisers have confirmed that the next editions of this popular event will be held in Shanghai and Hong Kong in October, and in Abu Dhabi and Dubai in November 2005.