Expo 2020 Dubai will add more flavour to UAE’s property sector

Inayat-ur-Rahman

The Dubai property market is on solid growth track and is marching ahead. The city of wonders is close to host Expo 2020, which would add more flavor to the country’s bourgeoning realty sector.

This was stated by Kashif Ansari, CEO of IQI Global during a press conference in Dubai on Monday.

Windmills Group, a well reputed group of property valuation and brokerage companies in the UAE at the event signed a Memorandum of Business Association with IQI Global, a global real estate, investment and advisory firm on Monday.

“With the upcoming Expo 2020, we believe that the UAE will continue to serve as our regional real estate business hub due to its strategic location, international accessibility, and robust legal system,” he added.

Ansari mentioned that the strategic alliance with Windmills, known for its professionalism, extensive client base and competitive service standards will further the aims of both firms to expand within Mena region as well as globally.

“The strategic alliance will give Windmill access to IQI’s resources around the world including its clients, projects and platform and allow the two firms to collaborate in all business areas.”

“As an international property firm operating across 17 countries, IQI has seen strong growth across Asia over the past few years and with the recent merger of Juwai and IQI, we are optimistic of pursuing our next strategic expansion across the Mena region,” he concluded.

Benazir Moti, Managing Director of Windmills International Real Estate Services said: “The association with IQI is an honor for Windmills Group and a phenomenal global business opportunity.

“Partnering with IQI will bring top class services/solutions and international standards to our clients. “The prime objective of the association is to promote the lucrative UAE property market across Asia, Australia and Canada through IQI’s extensive network of offices in those regions,” she added.

On the economy in the UAE, Shan Saeed, Chief Economist at IQI  Global said, “The real estate market may be attracting relatively  limited investor’s attention today compared to 2002-2008 and 2012-2013 periods due to the time mismatch between supply now and the expected growth in demand in the near future. Few regional challenges also remain a question in investors mind. I believe that both subjects are contingent and short term in nature. Over the medium to long term, investment in UAE real estate is likely to be a huge earning opportunity, in view of relatively strong US dollar and positive outlook of oil price.” “There is no country like UAE in the world; developed by such a growth mindset, top class infrastructure, safety, internationalism, and no income, capital or inheritance tax environment. Dubai has been recently ranked 8th top global financial centre in the Global Financial Centres Index (GFCI). Where in the world can we have up to 7.5 per cent net rental income through a passive investment? Which developed city in the world offers an average price of $225 psf? .

The EXPO 2020, low interest regime, sufficient liquidity with banks, and the increasingly relaxed immigration regulations are strong positive indicators and conducive to reinstate the real estate market of Dubai to its resilient conditions in the near future.” said Bilal Moti, Managing Partner of Windmills Valuation Services. “According to Dubai Land Department annual report last week, contribution of the real estate sector to Dubai’s gross domestic product (GDP) reached 13.6 per cent in 2018 compared to 6.9 per cent in 2017 while the construction sector’s contribution reached 6.4 percent in 2018 compared to 6.2 per cent in both 2017 and 2016. At the end of August 2019, Dubai has registered 3,365 real estate transactions for the value of Dhs 9 billion” added Jeriline Ciprez, Marketing and Research Manager of Windmills Group.

Dubai is the only financial centre in the Middle East, Africa and South Asia region to appear within the top 10 rankings, placing it alongside other pivotal financial hubs such as London, New York, Hong Kong and Singapore. Dubai has moved up 17 places since first appearing in 25th place in the inaugural report in 2007.

IQI Global is a multi-award winning real estate agency and advisory firm, with a strong worldwide presence and a dedicated international team of real estate and marketing experts, working with world-class partners, investors and developers around the globe, to reshape the property industry through innovation and technology.

Windmills Group is an award winning real estate consulting Group in Dubai, UAE that provides property brokerage, leasing, supervision, and valuation services. The group team has served more than 1,300 clients, including banks, insurance companies, developers, property management companies, family groups, public and private companies in the region over the last 7 year.