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Video: Sheikh Hamdan attends Cityscape Global in Dubai

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Video: Sheikh Hamdan attends Cityscape Global in Dubai

Dubai - The real estate event runs until October 4, featuring almost 300 exhibitors across nine exhibition halls.

by

Deepthi Nair
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Published: Tue 2 Oct 2018, 10:46 AM

Last updated: Wed 3 Oct 2018, 8:47 AM

The largest real estate event for the Middle East has opened its doors today to thousands of investors, property experts and first-time buyers. 
Cityscape Global runs at the Dubai World Trade Centre until October 4, featuring almost 300 exhibitors across nine exhibition halls. 
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council attended the opening of Cityscape Global in Dubai. 
 

Apart from a few new off-plan launches, exhibitors are more likely to focus on ready unit sales in order to clear up their existing inventories.
A few years ago, developers focused on giving freebies to lure buyers. Last year was all about post-handover payment plans. However, Cityscape this year is likely to see developers offer discounted sales prices rather than incentives to attract buyers.
It was reported that over Dh870 million worth of on-site transactions were recorded during the three days of Cityscape Global in Dubai in September 2017. Analysts expect similar levels of interest this year.
"Cityscape Global 2018 will be more subdued than last year. We won't see as many new launches. There will be more re-launches of existing projects rather than new ones. A number of the bigger developers have cut down their presence at the event. It is a reflection of less new product being introduced into the market. There will be more focus on reselling unsold stock rather than launching new off-plan units," said Craig Plumb, head of research, Mena at JLL.
Ian Albert, regional director and head of research and advisory, Mena at Colliers International, said: "Cityscape is about the exchange of views and ideas, where we are and where we are going, as an industry but also the marketplace. We still have some way to go before the market hits the absolute bottom. But the rate of decline in sales prices has definitely slowed."
There is likely to be more commercial products launched at Cityscape this year, not just residential, believe analysts.
Some of the big launches to look forward to are the next phases of some projects that have already been launched such as Azizi Riviera, Damac's apartment and villa projects, Dubai Properties' Jumeirah Emirates Towers in DIFC, Nakheel's mid-market sector launches and from MAG in the affordable sector.
Developers have been announcing projects in the run-up to Cityscape. These include Imkan Properties' Dh15 billion 'Rivier of the Emirates' project on the Dubai-Abu Dhabi border, Union Properties' Dh2 billion project in Motor City, Nakheel's Drgon Towers in International City and more.
- deepthi@khaleejtimes.com
 

Deepthi Nair

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