Cityscape 2014 points to Dubai market growth
$10.8 billion worth of projects unveiled during three day event at Dubai World Trade Centre
Held from 21 to 23 September, this year’s edition of Cityscape has been hailed as a return to form of the region’s property development market.
The event, held at Dubai World Trade Centre, saw 27 projects worth $10.8 billion unveiled by some of the most prominent developers in the UAE, such as Meraas, Dubai Holding, Union Properties, Damac and the Meydan Group.
The first day of the exhibition saw 18 projects announced, with the remainder coming over the next two days. Local observers said that the show was the largest Cityscape since its peak in 2008. With two additional halls, the total exhibition space was increased by 25%, bringing the total hall space to 31,000sqm.
Ismail Al Hammadi, a real estate consultant, said that the latest edition of Cityscape represented a ‘new turning point’, not only for the UAE, but other the Middle East’s other real estate markets.
He pointed out that the participation of major developers such as Dubai Holding was an indication that the real estate sector was in a new phase.
“I think everyone is eager to know the latest investment of Dubai Holding, such as Dubai’s Mall of the World, which will be an integrated tourist icon,” he said. “I recall some comments from the German press, talking about this project. They said that with the launch of this project, Dubai itself would come to be the ‘Mall of the World’, and this applies to the entire emirate of Dubai.”
DAMAC Properties unveiled the company’s latest luxury master development, AKOYA Oxygen, a 55 million sq. ft. project in Dubailand.
“The last three days has shown investors belief in Dubai’s fundamentals; this year’s Cityscape Global has been the busiest ever for DAMAC Properties,” said Ziad El Chaar, Managing Director, DAMAC Properties. “Dubai is set on a stable growth pattern and the response to AKOYA Oxygen and our full luxury portfolio is testament to that.”
Nakheel meanwhile revealed its The Palm Gateway – a three-tower waterfront living and leisure complex as well as Jumeirah Heights Fronds project, a lakeside residential complex at the northern edge of its Jumeirah Islands community in Dubai.
Emaar Properties showcased its flagship project, the Opera District in Downtown Dubai, at the exhibition while Meydaan announced the Mohamed Bin Rashid Al Maktoum City District Eleven and Meydan Avenue, both mixed-use developments in Dubai.
Abu Dhabi’s master developer TDIC revealed the Mamsha Al Saadiyat, a beachfront mixed-use project in the Saadiyat Cultural District.
“We have a very good reaction from the investors and even end users who have subscribed to buy in the Mamsha al Saadiyat,” Carlos-Antonio Wakim, TDIC’s Executive Director-Development, told Big Project ME. “We are preparing the grounds for any investor to be really interested in coming and investing in Saadiyat.”
Echoing these sentiments was Malak Ali Hassan, the CEO of 3 Dimension Quantity Surveying Services. She told Big Project ME that she had seen a notable change in the Dubai show, compared to previous shows and even to sister events held in other cities.
“It’s so positive, I can tell you. Even comparing Cityscape Abu Dhabi to Cityscape Dubai, it’s really so different. I can tell you that in the last three days, a lot of people approached us to tell us about the plans that they have,” she says.
“They were mostly private clients, and not only from Dubai, but from places like Umm Al Quwain, Ras Al Khaimah and Fujairah. I think that this is only because of the Expo 2020. This event is not only for Dubai, it’s for the whole of the UAE and it has made a huge change to the market.”
