The auction is meant to signify that International Property Week 2006 is not only about exhibiting property, but also a platform for active investment.
Dubai Land Department launches live auction at the International Property Week 2006 as the show looks to leverage buyer momentum to facilitate real estate investment
International Property Week 2006 (IPW), the comprehensive annual trade exhibition for international and Middle East property markets, is organising a live auction in co-operation with the Dubai Land Department to create an environment that facilitates real estate acquisition and promotes the booming real estate industry in the region.
The auction being held as part of the International Property Week at the Dubai International Exhibition Centre from February 21 to 23, is jointly organised by Strategic Marketing and Exhibitions and The Domus Group, and is looking to generate a strong investor base by actively promoting real estate buying and selling. Dawood Shezawi, Managing Director, Strategic Marketing and Exhibitions, says, "The purpose of the auction is to facilitate the purchase of attractive properties carefully chosen by the Dubai Land Department. The auction is meant to signify that the International Property Week is not only about exhibition, but active investment. We are looking for serious participants who will have to submit a deposit to signify intent to purchase. To create the right atmosphere, buyers must be prepared to buy"
Televised auction
The auction will be covered live by Aqariya Real Estate TV, the region's only dedicated real estate channel. The channel has enjoyed increasing viewership since its December 17, 2004 launch. Al Aqariya has recently launched a second real estate classifieds channel to capitalise on the strong success of its first offering. With its emphasis on incisive and rapid information dissemination, and in line with its credentials as the premier source of reliable information in real estate and tourism, Aqariya TV is looking to bridge the investor-developer gap by broadcasting the auction live.
"We are looking to address all auction-related buyer and seller queries prior to the event, which will be covered live by media partner Al Aqariya TV. In the interest of expediency, there will be no contingency clauses on the auction day and successful bidders will immediately enter a pre-approved contract after paying a percentage surety of the property price," says Randa Abu Hamad, Senior Marketing Executive, Strategic Marketing and Exhibitions.
The auction will attract a comprehensive selection of world-class developers, ancillary services and finance providers and serious investors.
Commenting on the show, David Domoney, Managing Director, The Domus Group, says, "The aim of IPW is to consolidate world-class property developers and financers to provide visitors and clients a lucrative property investment environment. We are looking at ways to facilitate investors in acquiring premium property offerings without hassle, and the live auction is merely another step towards our goal of promoting balanced property acquisition and portfolio diversification"
International Property Week is the Middle East's comprehensive annual trade exhibition for the international and regional property market.
The event features exciting projects from around the world including commercial property, shopping, leisure and entertainment centres, high and low-density residential apartments and villa developments, resorts and hotels, trade zones, special-purpose developments and land development.
The International Property Week's main objective is to bring together international and regional exhibitors, property developers, financiers, real estate agents and consultants, designers and others involved in the real estate industry in the UAE, the Arab world and other high-growth real estate markets of the world.
The auction will be held during the International Property Week, coinciding with several industry-related workshops, a property conference, site visits and development launches.
