UAE-based projects will be available for purchase at 16th edition of Dubai’s flagship real estate event
Cityscape Global is paving the way for developers with UAE-based projects to sell on-site to homebuyers and investors for the first time, in what is expected to be a turning point for potential buyers looking to make purchases at the three-day exhibition.
Taking place from Monday 11 September to Wednesday 13 September at Dubai World Trade Centre, Cityscape Global will feature some of the foremost developers from the region and internationally, who will showcase a range of groundbreaking real estate projects.
The 16th edition of the event will, for the first time, see visitors interested in investing in the UAE able to make purchases at the show. Developers with projects based in the UAE will be permitted to make sales on the show floor, in accordance with the rules and regulations administered by the local land departments and municipalities in the emirate in which the property is located.
“This is a great opportunity for developers to increase their ROI onsite, and for visitors to capitalise on attractive price options, making informed purchasing decisions directly on the show floor,” said Tom Rhodes, Exhibition Director, Cityscape Global.
“Over the past few years, authorities such as the Dubai Land Department have worked tirelessly to increase investor transparency in the market and their efforts have proved successful. This has enabled Cityscape to foster closer ties with regulatory bodies, like RERA, to ensure that only registered projects are showcased and now sold at the exhibition.”
Dubai remains the most transparent real estate market in the MENA region and recorded an improvement in JLL’s Global Real Estate Transparency Index for 2016. According to the property consultant, the Dubai Government and the Dubai Land Department are ticking more boxes when it comes to opportunities for potential investors through efforts to improve transparency.
As a result of the opportunity to make on-site transactions at this year’s exhibition, Cityscape Global is expecting significant interest from visitors looking for real estate investment at the exhibition.
Last year, a Cityscape Global survey found that close to 30% of attendees were homebuyers and investors, while 68% of visitors confirmed they intended to make a purchase or conduct business with a company that they met during the exhibition. In addition, a YouGov attitudinal survey – conducted in partnership with Cityscape and commissioned ahead of Cityscape Global last year – revealed that 42% of GCC and Egyptian investors see UAE as the most attractive country to invest in real estate.
Cityscape Abu Dhabi, held earlier this year, permitted sales directly from exhibitor stands for the third year running; a formula which proved successful and resulted in an increase in ROI for many local developers, including Aldar who sold a significant portion of their new development, The Bridges, and generated a total value of AED 400 million.
“On the back of these results and the fact that visitors will now be able to purchase UAE-based registered property at the stands at this year’s Cityscape Global, we predict that the show will usher in more visitors looking to seize opportunities, and an increased ROI for developers,” added Rhodes.
According to Lynnette Abad, Partner and Head of Property Monitor, Data Partner at this year’s Cityscape Global,) at Cavendish Maxwell, the average apartment prices across Dubai have continued to trade within a close range of AED 1.2 million to AED 1.4 million over the last 12 months, while average prices for villas have moved from AED 3.7 million in Q3 2016 to AED 2.2 million this quarter.
“Lower priced villa inventory continues to enter the market in locations such as Dubailand, impacting price dynamics for existing communities,” said Abad. “For apartments, starting prices of AED 700,000 in emerging locations such as Dubai South and Sports City are driving demand from first time buyers. Communities with existing infrastructure and amenities continue to fare better than outlying areas with limited facilities and majority of the projects under construction.”
Cityscape Global 2017 returns with support from Foundation Partners: Dubai Properties, Nakheel PJSC; Platinum Sponsors: Al Marjan Island, Binghatti Developers, Union Properties PJSC; and Silver Sponsor: Maryapi Real Estate Development; Project Marketing Sponsor: Aqua Properties and Strategic Partner: Dubai Land Department.
Also exhibiting this year are Wahat Al Zaweya Investment & Real Estate Development, Kleindienst, Knight Knox, Five Holdings, Nakheel, Dubai South, Damac Properties, Dubai Holding and many more.