- October 10, 2018
- Posted by: Waqas Siddiqui
- Category: Business & Economy, Real Estate
Cityscape Global 2018 Concludes in Dubai as Market Confidence Grows
Cityscape Global is one among the most influential real estate event conducted in Dubai on an annual basis. The event not only attracted more than 45,000 visitors and 279 real estate developers but also oversaw onsite sale of Dh 870 mln (US$ 237 mln) indicate of buyer confidence in Dubai’s real estate market.
The recently concluded 17th edition of Cityscape Global 2018 at Dubai World Trade Center witnessed participation of 45,000 visitors including 279 real estate developers who showcased their properties during the event. An estimated 38,000 participants were VIPs whereas around 600 media representatives.
The event provided a platform for the developers to showcase their upcoming real estate projects and also to announce the projects that were currently under construction. The event saw an onsite sale of more than Dh 870 million ($ 237 million) and despite the downturn of real estate market, the realtors were highly optimistic about the health of Dubai property market.
By 2018, Emirati investors are ranked first in both the number and value of real estate transactions – being involved in 2,986 transactions worth Dh6.8 billion. This was followed by Indian nationals in second with 3,218 transactions at Dh5.9 billion and then Saudi Arabia whose investments were worth almost Dh3.7 billion through 1,415 investments. Investors from Pakistan and United Kingdom were the fourth and fifth in the real estate investment list in UAE.
Cityscape Global 2018 – Event Highlights
- More than 80 per cent of the exhibitors were able to sell their properties during the event reporting a significant impact on their sales target for 2018-19
- Dh 870 million ($ 237 million) of onsite sales were recorded by the exhibitors
- The event attracted local and regional investors and developers along with service providers such as architects, designers, consultant and more
- The 2018 event focused on three distinct themes – Investment & Development, Architecture & Design and The Built Environment
Several conferences were moderated by eminent speakers from JLL, IBM, Dubai Eye, Real Estate Regulatory Agency (RERA) and Dubizzle. Major developers also showcased their projects that are under construction which includes but not limited to the following:
Madinat Jumeirah Living – Dubai Holding has added a major freehold luxury landmark in Dubai’s prime Madinat Jumeirah district. Located opposite the Burj al Arab, the new project will complement the hospitality and tourism projects in Jumeirah district, which include Marsa Al Arab in addition to Burj Al Arab, Al Qasr, Mina Al Salam, Dar Al Masyaf and Wild Wadi Water Park.
Jumeirah Village Circle – Bloom Properties revealed a new building within Bloom Towers in Jumeirah Village Circle and will comprise 255 residential units, whereas the new addition to Bloom Heights is to feature 298 residential units.
Deira Enrichment Project – Deira is expected to be transformed in the next 15 years. Tenders totalling Dh3.5 billion have been awarded to date in Deira and the first phase will include the Deira Gold Souq Extension. There will be 2,200 residential units in phase one of the Deira Enrichment Project, along with 840 retail outlets and 1400 hotel rooms.
Investment opportunities in UAE’s Real Estate Sector
The Dubai and UAE’s real estate sector growth is largely linked to the interest taken by UAE residents, both UAE national and expatriate apart from global investors. According our research findings, many investors are investing in Dubai and UAE based properties as they intend to relocate and setup their businseses in the Gulf region.
With series of initiatives underway which includes new expat 10-year visa rule to facilitate the investors, 100% ownership of foreign companies and reduction in government administrative fees are likely to boost the real estate activity in the country. Not to forget, EXPO 2020 event will play a detrimental role in raising the demand for residential and commercial real estate properties in Dubai and UAE.
UAE – An Attractive Investment Destination
UAE and Dubai have always been an investment friendly destination offering attractive investment environment to international companies that are looking to tap into the Gulf region. The country has also developed world-class infrastructure in the form top quality airports, hotels, public facilities and economic zones, which furthers its evolution as an international business destination.
UAE has also developed world-class infrastructure in the form top quality airports, hotels, public facilities and economic zones, which furthers its evolution as an international business destination. A robust existing framework in conjunction with new rules to facilitate expatriates and businesses can add a lot of value to the economic growth of the country.
Research Konnection is a market research company in Dubai that assists local and international companies to setup or expand businesses in the Gulf region smoothly. At Research Konnection, we specialize in Market Research, Feasibility Studies, Market Entry & Business Planning. Feel free to contact us on firstname.lastname@example.org