Cityscape 2014 Is All Set To Redefine Dubai’s Real Estate Market
- September 20, 2014
- Posted by: RKonnect
- Category: Real Estate
Cityscape has kick started in Dubai. Touted as the biggest real estate event across the globe, the event is believed to be one of the most accurate reflections of Dubai’s real estate market’s underlying dynamics. Started in 2002, the event is exhibited and visited in large volumes by developers, investors, designers, bankers and general public.
The biggest attraction in upcoming Cityscape will be “Mall of the World”, a mega project spanning across 48 million Sq. Ft. with the largest, mall in the world, indoor theme park and 20,000 hotel rooms along with various other exotic elements. It is believed that once completed, the Mall of the World will be visited by 180 million visitors (comprising of local residents and tourists) annually and will be a huge boost to Dubai’s retail and tourism sectors. Interestingly this will be Dubai Holding’s (DH), the developer behind the project, 1st participation in Cityscape.
The event, which is expecting over 35,000 attendees, a 25% up over the year before, will also showcase a range of other mega projects, involving cultural village, Dubai Design District and three mega projects by Omniyat worth nearly a billion USD. Numerous high profile international projects such as Nikken Sekkei’s projects worth AED 44 (USD 12) billion projects will also be exhibited.
After three subsequent lukewarm years (2009 – 2011) post financial crisis era, the real estate market started recovering in 2012, with euphoria coming back into the event, which was eventually followed by a massive event in 2013. Now in its latest edition, Cityscape seems further bigger as the real estate market has come a long way in the last 12 months, with local, regional and global investments coming into Dubai in big volume. In 2013, Dubai’s real estate market witnessed a total transaction of AED 236 (USD 64.25) billion, a 53.2% jump from 2012. In first quarter of 2014, the total amount of transactions made was nearly around AED 102 (USD 27.8) billion. However, there have been some signs of moderation in the market in second quarter of 2014, which is believed as self-generated corrective activity, with the long term fundamentals of the markets being intact.
Interestingly Dubai is also taking strong initiatives towards bringing in higher degree of transparency in real estate transactions and managing the speculative forces effectively. In this regard, Cityscape 2014 will conduct a Broker’s Summit, which will provide brokers with effective guidance and along with introducing laws and regulations to regulate the sector.
Dubai has learnt its lessons effectively, where unbridled speculation was also one of the key architect in real estate debacle in 2008. Nevertheless, this time things are different wherein the Cityscape is just not fraught with multibillion dollar projects but also with a shared commitment towards more transparency and better regulation, which can minimize risk and ensure long term success.
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