The third successive edition of IREIS, the annual real estate & investment show, will take place March 21 – 24, 2007 at the Abu Dhabi National Exhibition Centre (ADNEC). The event will highlight the expanding real estate potential of Abu Dhabi, which has seen projects announced, exceeding AED 238 billion since 2004.
“IREIS 2007 will focus on Abu Dhabi as the emirate represents one of the most attractive locations in the region for resident investors as well as investors from overseas. Several high end projects aimed at fulfilling the demand for top quality residential and commercial properties have been announced recently in Abu Dhabi. Also, as the emirate is being strongly promoted as a major business and tourism hub it will continue to stimulate growth in the property development sector”, said Antoine Georges, Director of Dome Exhibitions, the organiser of IREIS 2007.
The show is of primary interest to anyone who wishes to invest in real estate projects being constructed within the emirate or elsewhere. Exhibitors at IREIS 2007 will include property developers, real estate agents, financial institutions and service providers to the property industry.
According to the RSP Group, a middle east real estate investment advisor, 250,000 new housing units will be required in Abu Dhabi over the next decade to meet the projected housing demand. The population of Abu Dhabi is expected to double in the next 10 years to two million.
Saadiyat island (AED 99 billion), Al Raha Beach (53.9 billion), Danet Abu Dhabi (AED 33.9 billion), Najmat Abu Dhabi (AED 29.36 billion), Shams Abu Dhabi (AED 9.1 billion) and Capital Centre (AED 8 billion) are among the major real estate projects in Abu Dhabi that have been unveiled over the last 18-24 months. However, all of the investment is not headed in just one direction.
”Interestingly, there have also been several instances recently where investments from Abu Dhabi had been channelled into prime real-estate developments in western economies,” Georges noted. He said that the high percentage of high net-worth individuals in Abu Dhabi is attractive for exhibitors at IREIS who wish to showcase international investment opportunities.
IREIS 2007 builds on the successful 2006 edition which saw over 5,000 visitors tour the displays of over 50 exhibiting companies. Sorouh Real Estate and Aldar Properties were the platinum sponsors of IREIS 2006 whereas Amlak was the Gold Sponsor. Other sponsors included Al Qudra Holding, ADCB, Eldiar and Union National Bank. The Abu Dhabi Property Leaders Summit will also be held in conjunction with IREIS 2007. This influential conference will feature top speakers from the real estate industry.
The property law passed in Abu Dhabi in August, 2005 has provided a significant boost to the real estate sector. The law allows foreign nationals to buy and sell property in designated investment areas. It provides for expatriates to own or lease surface property under either a 50 or 99-year land title agreement. GCC citizens can own property within designated investment areas, whereas UAE Nationals (or companies wholly owned by UAE nationals) can own land anywhere within the emirate of Abu Dhabi.
