Iconic projects on display at Cityscape Global
The Meraas pavilion at Cityscape Global 2015 at the Dubai International Convention and Exhibition Centre.
Dubai - Dubai Holding, Emaar, Nakheel, Dubai Properties, Damac and Deyaar were among the major developers who unveiled a series of futuristic and iconic projects.
By Issac John
Published: Tue 8 Sep 2015, 9:00 PM
Last updated: Wed 9 Sep 2015, 4:55 PM
The 2015 edition of Cityscape Global, the Middle East's largest real estate spectacle, opened on Tuesday at the Dubai World Trade Centre, with a display of a spate of mega projects from property developers of the UAE and the Middle East.
Shaikh Maktoum bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, opened the three-day event that has lined up more than 300 exhibitors from 30 countries and brought together around 1,000 real estate professionals.
This year's show features three main themes including middle-income housing, the growing demand for quality facility management and the importance of improving broker knowledge of Dubai regulations.
Dubai Holding, Emaar, Nakheel, Dubai Properties, Damac and Deyaar were among the major developers who unveiled a series of futuristic and iconic projects on the opening day.
The ambitious Mall of the World /www.arabianbusiness.com/mall-of-world-phase-1-likely-take-3yrs-complete-565508.html> project, which was unveiled in 2012, was one the major newsmakers on the first day with Dubai Holding announcing the appointment of Morgan Parker as chief operating officer for the world's first temperature-controlled city that will occupy a total area of eight million square feet featuring the largest indoor theme park in the world to be covered by a glass dome that will be open during the winter months.
The conceptual master plan of the Burj 2020 District, set to be the commercial heart of south Dubai, was another iconic project that drew visitors' attention.
The project unveiled by DMCC --- to be spread over one million square metres --- will have as its centrepiece the world's tallest commercial tower, the Burj 2020. Meydan One project, a 3.67 million square metre mixed-use development, expected to be finished by 2020, was among the projects that stole the limelight.
Emaar showcased its "Opera District" that will host Dubai's first Opera house.
Dubai's newest mega development, $6.8 billion Dubai South, was another major attraction with the launch of rent-to-own scheme as a finance option for buyers in 'The Villages' project. Rent-to-own initiatives traditionally involve a tenant paying rent towards a property over a number of years, which can then be converted into equity if they decide to purchase the unit after a certain period.
Nakheel Properties announced the opening of Jebel Ali Gardens, a new community that comprises nearly 10,000 apartments in 42 buildings, providing accommodation for more than 40,000 people. Nakheel /meconstructionnews.com/topics/nakheel> said it would also be unveiling the Palm Promenade at Cityscape while Damac Properties /meconstructionnews.com/topics/damac-properties> announced the launch of the world's first Bugatti-styled homes to be located at its Akoya Oxygen development. Al Habtoor showcased its mega complex on Shaikh Zayed Road.
Echoing the exhibition's key theme of affordable housing, consultants Asteco and CBRE have released reports that suggest that low-cost residential market would be the key factor driving Dubai's real estate market.
Its mid-year UAE market report, Asteco argued that affordability is becoming a major driver in Dubai's real estate market as the prices of high-end properties continue to slump.
"Newly launched properties with reasonable price and/or payment plans, and healthy prospective ROI, have been attracting solid investment interest, which will define market movement in the months to come as affordability remains a major driver for sales," said John Stevens, managing director, Asteco.
The second half of the year will see around 7,000 units come online, and Asteco expects the new stock to exert further downwards pressure in the next few months; and through to 2016 with 13,000 more apartments due for completion.
The CBRE report predicted that property market in Dubai would see a higher proportion of residential projects being launched at lower price points, stimulating the drive to affordability, a trend that will help prevent a bigger correction in the future.