Abu Dhabi: Amid a slowdown in the real estate market, the 11th edition of the International Real Estate and Investment Show (IREIS) is looking to send a positive signal on Abu Dhabi’s property market, as it aims to attract both investors and consumers.
Taking place from October 30-November 1 at the Abu Dhabi National Exhibition Centre, this year’s event will feature some of Abu Dhabi’s leading government bodies such as the Department of Economic Development and the Department of Urban Planning and Municipalities, along with several private stakeholders and over 50 exhibitors.
“The market is down at the moment but it is important to have continuity with events like this, to show the people that we are still here and trying to give the market a boost, which is why for this year’s event we are putting a large part of our focus on attracting investors into the real estate market,” said Antoine Georges, managing director of Dome Exhibitions, the group behind organising IREIS.
“The market goes up and it also goes down sometimes — when it is down we don’t just stop and leave, you have to be prepared and also try to take advantage of the situation to work in your benefit,” he added.
“I would say that what we have now is a buyer’s market, people tend to buy when prices are down, and so it’s a good opportunity if you have cash saved up, it’s better to invest in real estate at the moment compared to the stock market,” he added.
Georges, who acknowledged that several local developers would be absent from this year’s event, said he was confident that the property market would start to see a turnaround from next year, which he put down to several factors such as new government regulations and visa policies making it easier for residents to invest and purchase property.
“The policies put in place will take time and it’s not something that will get results immediately. I think by next year we will start to see the positive results.
“There is still a lot of interest in the real estate market but it’s just that things are slow at the moment, but as I said I do think we will see things picking up within next year,” he added.
Georges said that this year’s event would also feature a conference open to investors informing them on the new government regulations and initiatives to boost investment opportunities.
“Another side of the exhibition this year is the conference. The first day of the conference will concentrate on the Abu Dhabi market and it’s situation, and how the new government regulations are helping the market and potential investors.
“We have a lot of good speakers with knowledge about the market and these sessions are open to any investor who are looking to understand the new rules, regulations and opportunities open to them,” he added.