Highlights from Cityscape Global 2017
A three-day event (September 11 – 13, 2017) that ruffled all the bigwigs’ feathers in the real estate industry, Cityscape Global 2017 was deemed to be a resounding success. The lifting of restrictions on direct sales of properties by exhibitors meant that prospective buyers mingled with industry stalwarts, discussing property values and investment opportunities. More than 300 exhibitors were in attendance. Azizi Developments, Binghatti Developers, and Dubai South increased stand space and branding around the venue this year, said Tom Rhodes, exhibitions director for Cityscape Global. Sharjah-based Arada, Abu Dhabi’s Aldar, and Dubai-based Oriental Pearls were among the new exhibitors taking part this year. New companies were also featured as part of the Bahrain, and Pakistan pavilions as well as the Korean Tourism Organisation, representing around 20 companies from Korea.
On the first day of Cityscape Global this year, a total of 107 off-plan units were transferred, whereas on the first day of Cityscape Global in 2016, only 36 off-plan units sold. Lynnette Abad, head of Property Monitor at Cavendish Maxwell, commented: “Due to the winning combination of low price point and attractive payment plan, developers have managed to lure the investor back into the market and have opened up the doors to first time buyers who couldn’t avoid to buy property before.” Individual investors have also made up a large proportion of attendees at this year’s Cityscape.
The Dubai Land Department said in July this year that despite economic pressures, the total value of real estate transactions for the first six months of the year was AED132bn – an increase of 26% compared, to transactions for the same period in 2016. Dubai-based master developer Nakheel announced plans to launch six new residential, retail, and hospitality developments at four of its communities in Dubai – including its flagship master development, Palm Jumeirah. The new projects are collectively worth more than AED3.2bn.
Construction Business News was privy to quite a bit at the event, and had the chance to catch up with some of the developers. Check out our highlight video below to get an idea of what the event was like.