Sat, October 21, 2017
Cityscape Global is one of the most influential real estate events globally and the 16th annual event is set to be another great exhibition year. There is a forecast of around 300 exhibitors representing the world’s real estate community at Dubai World Trade Centre (DWTC) this week. Read more about the exhibition from our Real Estate Focus Chair, Henry Faun.
Key developers attending the event this year include Emaar, Nakheel, Damac, North Acre and Dubai Holding to name just a few. Across the international spectrum, exhibits for projects throughout Turkey, UK, Egypt and Pakistan will also be present and attracting great interest for those looking at investment on a global scale.
Aside from the draw of seeing the latest launched project, the exhibition always has a special attraction for investors given there are often special incentives and exclusive offers agreed to buyers during exhibiting period.
This year will introduce new changes for investors and developers, allowing onsite sales to take place on the show floor itself, which are expected to add an additional positive drive for the market and footfall. Prior to now, developers have only been able to showcase their projects and not able to conduct any sales during the event.
Engaging talks are held throughout the conference near to the exhibition halls and deliver audiences with the latest insight into the local and international real estate industries. These sessions comprise of panel discussions, cast study reviews, legal updates and research insights from various keynote speakers and panellists.
The conference has been broken down into programmes covering the real estate market, architecture and agency and brokerage. Key speakers from the market update include the CEO of Dubai’s Real Estate Regulatory Authority (RERA), H.E. Marwan Bin Ghalita, discussing the regulatory landscape for 2017 and a presentation from Marjan Faraidooni of Expo 2020 reviewing the latest progression for the Expo 2020 and its legacy.
Talks in the Real Estate Brokers Session will include a panel discussion consisting of Ernst and Young, Pinsent Masons and Emirates NBD debating how the imminent VAT changes to the UAE will impact the real estate market. Keynote speakers in the Architect Session will be delivered by Zaha Hadid Architects UAE and Foster and Partners UK, amongst others.
Aside from reviewing the latest projects in the market, the event offers an exceptional opportunity for networking throughout the real estate industry and the supporting financial and legal sectors.This is often a particularly attractive time for catch up meetings with clients locally and regionally, who visit Dubai during this time.
Following a gradual softening in the market in 2016, Dubai’s residential market is expected to remain stable over 2017. We see this as a sign of a further maturing residential sector, with prices becoming more realistic as vendors adjust their expectations. Confidence is expected to return to the market with on-going government spending ahead of the Expo 2020.
Dubai continues to attract interest from international buyers. According to the Dubai Land Department (DLD), 2016 saw 136 nationalities invest in Dubai property, with the majority attributed to Emiratis. Foreign investors were led by Saudi, Indian, British, and Pakistani nationals, who have traditionally been the top four buyers of property in Dubai. British passport holding buyers were ranked the third most prominent foreign buyer nationality in the market.
Article provided by Henry Faun, BSc (Hons) MRICS, Associate Partner, International Project Marketing (MENA), Knight Frank.
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