Dubai real estate growth .... being driven by concrete demand<br>from new residents.

Nearly 500,000 new residence visas were issued in Dubai, UAE in first half of 2014, indicating flourishing business for real estate in the UAE emirate, said a report ahead of a property expo.

The International Property Show 2015 (IPS) will run from March 30 to April 1 at the Dubai International Convention and Exhibition Centre.

It is a unique show that allows even end users to buy units directly from exhibitors, said the event organisers Strategic Marketing & Exhibitions.

The exhibitors are upbeat on growth graph of UAE property sector, based on factual demand from first renters, buyers and investors, they said citing official data.

A total of 17,289 real estate transactions worth Dh37.5 billion ($10.2 billion) were conducted in the first half, according to figures released by Dubai Land Department (DLD)
 
In 2014, according to official statistics, 478,451 new residence visas were issued in Dubai during the period.

Josine Heijmans, the exhibition director, Strategic Marketing & Exhibitions, pointed out that the UAE’s rising population would ensure strong demand for properties in the foreseeable future.

She said the real estate sector growth was being driven by the concrete demand from residents (first-time buyers and renters) as much as investors.

According to Heijmans, there was high optimism among exhibitors, most of whom are real estate developers, for the prospects of the real estate sector and higher demand in coming years.

The show, she stated, was positioned as an ideal platform for showcasing units for retail customers over three days.

Rents in Dubai have been generating higher yields for investors and owners, especially over the past two years. More money is being injected in the construction sector in different areas of the emirate.

Heijmans added: “The show will witness the biggest participation in terms of number of companies and we expect big investments deals to be signed on the exhibition floor.”

"Meticulous planning and strong infrastructure make Dubai a preferred property market, with easy connectivity between business locations and residential communities. When investors look up for potential hotspots, they find several interesting options for investment across the emirate," she said.

“We are seeing a huge interest from both exhibitors as well as investors aiming to visit the show, months ahead of the actual event. This is very promising and demonstrates the growing stature of the exhibition,” she added.-TradeArabia News Service