Dubai: Property developers in the UAE on Monday showcased a number of residential and commercial projects worth billions of dirhams as Cityscape Global, the annual real estate event, kicked off.
The event, now in its 16th edition, brings together up to 300 exhibitors from many countries including the UAE, Turkey, Bahrain, the UK and Pakistan. It is expected to attract up to 40,000 participants over its three-day run, organisers said.
Cityscape Global was inaugurated by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai. He was joined by Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation, Chairman and CEO of Emirates airline and Group.
Some of the key projects on display at Cityscape include a Dh2.4-billion-development by Abu Dhabi-based Aldar Properties, which is targeting middle income families with its latest project.
The project is one of many at Cityscape Global aimed at end users specifically in the mid-market segment where the UAE faces a shortage of supply and strong demand.
Another key project attracting attention is District 2020, which is what the Expo 2020 site will turn into once the event is over in early 2021. The development will include both residential and commercial units, with Expo organisers saying it will also be a long-term contributor to the UAE’s economy as companies establish a presence there.
Other developers at Cityscape Global include Bloom Properties, Damac, Danube Properties, Deyaar Development, Dubai Holding, Dubai South, Nakheel, Majid Al Futtaim Properties and the Meydan Group, among others. The event, which is being held at the Dubai World Trade Centre, will end on September 13.
The event comes as Dubai’s property market grapples with subdued demand amid weak investor appetite on the back of lower oil prices and slower economic growth.
In the second quarter of 2017, for example, sales prices and rental rates were both little changed, according to JLL. Analysts expect market sentiment to pick up later this year, however, as prices start to bottom out.
Source: Gulf News