International Property Show 2008, the biggest transactional property exhibition in the region, has successfully concluded its three-day run with over Dh20 billion ($5.4 billion) in sales revenues.

Strategic Marketing and Exhibitions, organisers of the show, said that this year’s exhibition welcomed 35,000 visitors and witnessed the biggest sales revenues in local, regional and international real estate in its history.

Extending their massive success in Dubai, the organisers added that they will be launching the first International Property Show in Moscow, which is slated to run from October 24 to 26, 2008, at the Exhibition Center Crocus Expo, Moscow, in a bid to leverage the booming real estate sector in the European capital city and neighbouring countries.

“The success of the fourth International Property Show is a clear reflection of the tremendous development of the global market for real estate developments and services,” said managing director, Strategic Marketing and Exhibitions, Dawood Al Shezawi.

Among the local exhibitors, Snasco has registered the highest achievements by selling 60 per cent of its Sharjah Investment Centre during the event.

Developers who also wrapped up their successful participation included Fakhruddin Properties, which sold Dh1.4 billion worth of residential units or 60 per cent of its Maimoon Twin Towers in Jumeirah Village South; Al Mazaya, which registered a tremendous 95 per cent sales for its Queue Point project in only three days; and Baraka Investments, which witnessed 75 per cent sales for its Crimson Court project.

In addition to high profile developers, real estate brokerage firms such as Coldwell Banker has also leveraged outstanding sales prospects at the event, having sold several units with a total value of Dh8 million.

US-based property developer Corcoran was among the many exhibitors who achieved tremendous success at this year’s show, with potential buyers and exhibitors queuing up at the company’s stand to obtain details of their luxury real estate projects.

Among Corcoran’s projects that witnessed heavy demand were the 166 Perry Street in Manhattan; the W Hotel & Residences in Miami Beach; the $109 million private Miami Island in Florida; the $52 million oceanfront land for development in The Bahamas; and the Bench Creek Ranch in Nevada.

In addition to the presence of financial and banking institutions that conducted sales transactions in accordance to the Real Estate Regulatory Agency (RERA) guidelines, the event also featured seminars and a high value auction conducted by the Dubai Land Department.

Further, the event also hosted a Trust Account pavilion, which gathered financial institutions for an opportunity to show their trust account services authorised by RERA. – TradeArabia News Service