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Real estate show organisers and sponsors upbeat about future of property industry in Middle East

The organisers and sponsors are hopeful that developers, real estate brokers, banks, finance institutions and others will rally together to show that despite the economic downturn the industry can see its way through the hard times.

'IREIS 2009 is of special importance because it is the first major real estate show to be held after the aggravation of the global financial crisis and its economic repercussions worldwide,' said Antoine Georges, Dome Exhibitions Director

'Realizing the sensitive global economic situation and the real estate markets in the region, we are organizing a seminar in which several property experts, representatives of brokerage firms and other concerned organizations will highlight the latest developments in the real estate sector in the region and worldwide,' George added.

He said that the organization of IREIS 2009 at this time is extremely important as it will reassure investors who would like to re-enter the market. 'There is an even better opportunity now to invest in new property amidst indications that prices will decline and the economies of the UAE and other Gulf countries will still grow in 2009 at a time when other economies will either record zero growth or even contract,' he said.

Sponsors are also upbeat. 'The Abu Dhabi real estate market has seen tremendous growth in the last three years and continues to do so at a steady pace. It's also reassuring to see that the government of the UAE is taking serious measures to deal with the current financial downturn and this is giving investors and businesses an incentive for continued growth,' said George Chehwane, Chairman of Plus Properties.

'2009 will be a year for regulations and market correction and this will be the case mainly for Dubai where most of our projects are being built. We are confident that once the correction has been made the market will emerge in better shape enabling sustained growth for a sufficient period of time,' he added.

Shawqi Kurkumaz, Director of Real 21 property brokerage, said the market is gaining momentum amidst positive signals about the UAE economy. He expected demand to continue growing on the grounds property supply still falls short of the strong demand and economy of the UAE.