The gathering explored the cutting edge of cinema, new media, PR and marketing, IT technologies, eSports, and game development
kt network3 hours ago
Dubai is set to host a property festival from April 9 to 11 which will be a one-stop-shop for real estate stakeholders. End-users and investors can interact with developers, brokerages, banks, property auction houses and legal consultants at the event to be held at the Dubai World Trade Centre.
The umbrella event (Dubai Property Festival) will include the International Property Show, a mega property sale, property auctions, investor roundtables, workshops and seminars. It will also be co-located with the Annual Investment Meeting (AIM).
Organised by the Dubai Land Department (DLD), the event will be a win-win for end-users and investors. They stand to benefit since developers will offer discounted prices, low down payment and lower registration fee while banks will offer no processing fees, no service fees, onsite pre-approval of mortgages and low interest rates.
Individuals and developers will also auction 'distressed' properties, both online and on-site. Auctions will allow a large pool of buyers to capitalise on local distress deals. Brokers will show an inventory of deals with best rates from developers.
Dawood Al Shezawi, head of the DPF organising committee, said: "While Cityscape is a B2B show, this show is targeted more at consumers. We will register properties on site and educate developers on how to reduce prices. Overseas developers can participate as well. But we won't force them to give offers. We will sit with developers and agree on a minimum percentage of discounts they should offer. No local developer can participate without offering discounts."
Sultan Butti bin Mejren, director-general of DLD, said: "To encourage new buyers and investors to the real estate sector, the DPF will provide everyone with the right environment for choosing the best properties, finding the best prices and making the best deals with real estate brokers and developers. The festival will be an annual event."
Ranjeet Chavan, managing partner, Gulf Sotheby's International Realty: "The initiative will add some sort of activity during the first half of the year since we have the International Property Show and Cityscape during the latter half. We will participate in the Property Festival and work with developers and structure some offers."
Chavan expressed confidence in the Dubai property market's fundamentals. "The market's fairly stable. There is no issue of oversupply. Focus has shifted to affordable housing which is where most developers are focusing. Global sentiment is, however, weak," he added.
Atif Rahman, director and partner, Danube Properties, said: "We needed a catalyst for the property market in the first half of the year. Since the festival is endorsed by the Dubai property regulator, we will have peace of mind."
"All of us need to come up with a creative solution. The DLD can act on the registration fees, banks can lower interest rates and down payment for mortgages, developers have to come up with a good pricing and brokers can compromise on their commission. If all stakeholders compromise, we can come up with a good solution," explained Faris Saeed, CEO of Diamond Developers.
Speaking of what MAG Property Development would offer at the event, CEO Talal Al Gaddah said: "Developers need to know what the market wants. The market today needs a strategy to support end-users to invest."
- deepthi@khaleejtimes.com
The gathering explored the cutting edge of cinema, new media, PR and marketing, IT technologies, eSports, and game development
kt network3 hours ago
Passengers were currently being prevented from entering the building
world4 hours ago
Users will be able to select transcript language, too; here's how the new smart tool works
tech4 hours ago
With the new tariff, Yango Ride users can expect comfortable, modern limo vehicles starting from a minimum fare of Dh15.6
kt network4 hours ago
Authorities reiterated that they have 'little tolerance' for those who obstruct or hinder their investigations
business5 hours ago
Stand-in captain Jasprit Bumrah expertly exploited the seam-friendly conditions to register 4-17 in the final session
cricket5 hours ago
What was supposed to be a one-night show ended up being extended to four nights due to popular demand
entertainment5 hours ago
Cancer support centres play a pivotal role in offering not just medical assistance but also emotional and psychological support to women fighting cancer
kt network5 hours ago