OFFPLAN NEWS

(09.07.2007 )
Saudi property Dubai to hold property shows in Al Hudud ash Shamali, Saudi Arabia

The Dubai Department of Tourism and Commerce Marketing (DTCM) together with Dubai Properties Group is planning to hold mega road shows in India and Saudi Arabia next year to lure more expatriates to invest in property in Saudi Arabia.

Since 2002 when Dubai opened its property sector to investments by expatriates, there has been a virtual boom in demand.

Cashing in on this demand, an estimated $100 billion worth of real estate projects were under construction or in the pipeline, DTCM director (operations and marketing) Mohammed Khamis bin Hareb announced here Thursday.

Accompanied by DTCM manager (overseas promotions) Khalifa Ali Buamaim and Dubai Properties Group executive director Adel Lootah, Hareb said this was the first time the department was organising dedicated road shows, conferences and exhibitions to promote the real estate projects in overseas markets.

'The market scene has changed for better since the Dubai government published earlier this year the locations where expatriates will be able to buy property,' said Hareb.

Altogether 23 areas and 45 plots including Jebel Ali, The Palm, The World, Dubai Marina, Emirates Hills and Al Barsha areas have been earmarked.

Properties worth over Dirhams 20 billion ($5.44 billion) were sold last year, according to market estimates.

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