Issue No 291 - 18 Nov 2008
Twin property expos see record sales

Property Arabia 2008 and Worldwide Property Show, the twin property exhibitions held in Bahrain, ended on a positive note with exhibitors reporting record sales.

More than 5000 home seekers attended the flagship event held at the Bahrain International Exhibition Centre, said the organizers.

The exhibitors expressed delight at the high levels of investor interest and exceptional buying atmosphere created by this unique twin exhibition, said Abdyul Razzaq, project manager for Property Arabia.

Mowten Properties general manager Fahad Al Sheer said the company had closed deals worth BD2 million ($5.3 million) during the expo.

Gulf Holding Company also reported they had a successful show in terms of selling quality projects and building contacts.

For Lona Real Estate, the show was a great launching pad for their new project “Amwaj Waves”. “It was an excellent opportunity to meet top VIP clients and guests,” said a spokesman from Lona Real Estate.

Real Choice CEO Fahed Faqeeh was very pleased with the sales made on their Dar Al Salam property. “It was a quality show, quality visitors and we met some very good clients in this show.”

Better Homes’ director Mohsen Haji said the event proved very useful in promoting their properties and services. “We look forward to attend the show next year.”

Al Dahiya Construction and Real Estate general manager Ahmed Yousif reported a sale of 30 per cent of their projects at the show which included properties from Enjaz Business Complex; DCR Business Centre and Ajyaal Residences.

Mouawad Management and Marketing said Property Arabia provided them an excellent platform to promote their Reef Island project.

Real Capita sales and marketing manager Ali Fairooz agreed that the show proved brilliant in marketing their projects.

First-time participant RCBF Investment (Raffles City Bahrain) dubbed the expo as a great marketing show and said it helped the company in marketing their projects.

Director of Dubai Show Limited Mike Bridge said, 'Despite the current recession, buyers were still keen to attend the show, and compared to last year the visitor figures we were only down by 0.9 per cent. This is a testament to the popularity of the Property Arabia and the Worldwide Property Show showing together.'

“With the strength of the local currency, coupled with exhibitors offering some realistic prices, there were some excellent bargains to be had, and many investors were snapping up some great deals being concluded.”

“Even with the recession hitting the region, we had a very creditable 5,515 visitors over four days compared to the event held in May 2008, the visitors accounted to 6,096 over four days,” Bridge added.

Aaref Hejres, CEO of Diyar Al Muharraq (Gold Sponsor at the Property Arabia), said the show was a vital one for developers to showcase their projects to key markets.

'Being one of Bahrain’s largest ever developments, Diyar Al Muharraq’s main focus are on our home market. Property Arabia is therefore an ideal opportunity for us.'

Bahrain’s real estate sector has grown significantly in recent years, and all the signs point to sustained growth, he said in an interview.

'Recent figures show Bahrain’s real estate sector is very healthy, being worth $5.7 billion, according to local real estate consultancy, who also predicted that property market would grow rapidly until 2012 across both residential and commercial sectors, thus encouraging further foreign investment in the Kingdom, Hejres remarked.

He pointed out that the Kingdom's proximity to other key markets such as Saudi Arabia, its international transport connections, and its strong economy all combine to make it a highly attractive investment proposition for GCC and international investors.

According to Hejres, more and more Bahrainis were entering the Kingdom’s housing market.

'With recent figures suggesting that over 90 per cent of real estate is purchased by Bahrainis, there should be a steadying influence on prices, with a shift towards longer-term tenure.'

'However, the number of expatriate investors has also been increasing steadily, bringing a steady source of foreign direct investment,' Hejres added.

Source: Trade Arabia News

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