The Abu Dhabi Real Estate and Investment Show – IREIS 2009 ended yesterday and experts said the event had contributed to strengthening confidence in the local property market.

The three-day show, which included daily seminars on the real estate market, was opened and patronized by H.H. Dr. Sheikh Sultan bin Khalifa bin Zayed Al Nahyan, who expressed admiration at the level of organization and the efforts by the organizers to expand the exhibition area and attract more participants.

H.H. Dr. Sheikh Sultan said the market is passing through a correction period because of the global financial crisis and the ensuing decline in crude prices. But he maintained that this period is “the right time for investment in the property market in the UAE” following a drop in prices. He said the measures taken by the UAE government to deal with the global crisis had boosted investor confidence in the country, adding that “the UAE will not spare any effort to provide further support and inject more funds into the economic and banking system to ensure banks operate normally.”

H.H. Dr. Sheikh Sultan said he was confident the property market would largely improve and become more encouraging for investment. “The message that I came out of this exhibition is that it is the right period for investment in the real estate market given the prevailing prices,” he said. “Banks will also be in a better position in the coming period to extend more finance and facilities to investors and this of course will reflect positively on the property sector and the UAE economy at large.”

More than 100 companies from 10 countries participated in IREIS 2009, which also attracted a large number of investors and visitors, according to Antoine Georges, Director of Dome Exhibitions, which organized the show. “This show recorded a good turnover and a noticeable expansion as it attracted new companies from Egypt and Morocco as well as Britain and Cyprus,” he said. “The foreign participation in this event shows that these companies are convinced that the UAE property market is still strong and sound despite the global financial crisis.”

Georges revealed that several companies had already expressed their desire to book for participation in IREIS 2010 as there are indications that the global economic crisis will soon start to recede.

Thousands of people had visited IREIS 2009, including investors, property developers, and those who are interested in buying property. Many of them expressed admiration at the well-organized show and said it provided them with a chance to see the latest developments in this sector and allowed them to take decisions regarding buying property.

Other visitors spoke about the various financing sections built inside the exhibition, adding that this disproves rumors that banks are tight. Most of those sections by several local banks and other financing institutions were seen during the three-day show packed with clients, an indication demand for property is still strong despite the global liquidity crunch.

Several new companies were present during this show, mainly Moroccan property developers, who presented a wide range of projects in Morocco, including the famous River Palm hotel venture. River Palm sales manager Salma Al Shafei said the project involves the traditional Moroccan Bedouin design and is located strategically near Tangier adjacent to the highway leading to Casablanca.

She said many UAE investors had shown interest in this project, adding that those who wish to own a villa or a hotel apartment in this project can reach a deal with the managing French company to manage their property. Under such a deal, investors could get nearly 70 per cent of the profits, she added.

The show also attracted 10 Egyptian companies, which presented a wide range of projects involving apartments, chalets, and other housing facilities in Cairo, Alexandria and other cities. One of the companies, Alsulimaniya, presented luxury villas midway between Cairo and Alexandria while another company presented a housing project for Egyptians working in the UAE involving 80-square meter apartments and larger flats in October 6 town.

Company managers from Egypt, Morocco and other countries said they were satisfied with their participation and the level of the exhibition’s organization, adding that it presented them with a chance to attract potential investors from the UAE and other countries. They also said they were looking forward to taking part in the next IREIS show in 2010 and expressed the hope that the global economic climate would be better during the next period.

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