Dubai will host the 69th edition of the annual World Real Estate Congress in 2018, it was announced on Saturday.
The bid to host the event was won by the emirate’s official convention bureau Dubai Business Events and the Dubai Real Estate Institute.
The annual event organised by the International Real Estate Federation, FIABCI, will make its debut in the Middle East and is expected to attract over 1,000 real estate professionals from over 60 nations.
Dubai Land Department director general Sultan Butti Bin Mejren said: “Winning this acclaimed event is a testament to the significant strides taken by the Dubai real estate market in recent years, in addition to the continuous efforts made by the government to promote and build a strong commercial environment.
“The fact that the emirate has been chosen as the first city in the Middle East to host this event demonstrates how Dubai has emerged as the pre-eminent real estate hub for the region.”
The event, to be held under the theme ‘Future Cities’, will attract inward investment into the emirate and help the “continued maturation of the Dubai property market,” he said.
He added: “The announcement also bolsters the Dubai Plan 2021, which aims to build a smart and sustainable city with strong infrastructure capable of supporting economic and social life and contributing to the emirate’s future growth.”
The annual congress sees real estate professionals from around the world discuss themes and trends that are driving the market. Delegates and members represent all industry sectors, including commercial, residential, luxury, retail and industrial.
This year’s event was held in Panama City from May 21-26 under the theme ‘Connecting Development for a Better World,’ which focussed on topics including affordable housing, real estate opportunities through globalisation, smart cities and international property ethics.
Dubai’s property market is starting to stabilise following a 10 per cent slump in prices in the last year.
In the first quarter of the year, the ValuStrat Price Index – which measures the market – was down 3.5 per cent year-on-year in values with transaction volumes also down 6 per cent.