Estates, horizons and outreach

Phenomenal growth and institutional confidence is driving real estate boom in the UAE

The real estate sector is poised for a momentous growth in the UAE. The technical correction that has taken place in the prices of property in the last couple of years, followed by a marginal decline in demand, is an indicator of continued faith in the industry by investors. The market faces a difficult year as rents are on the decline to the tune of an average 10 per cent, and residential property prices dropped from 6 to 12 per cent. Nonetheless, construction activity and sales are on the rise. 
Likewise, big-ticket projects are in full bloom as Dubai gears up for the Expo 2020 mega event, and UAE-based real estate tycoons are preparing to launch new projects worth over Dh3 billion. 
While the UAE posted a robust growth index, much better than many of its regional and international competitors, tangible factors such as oil prices fluctuating from $50 to $56 as well as stagnation to a greater extent in the world economy are showing an indispensable side-effect on the real estate sector.
Investors are not only choosy, but are also extra-conscious in making new deals. Regardless, projects under construction in the UAE are heading towards completion and liquidity isn't a problem. Moreover, during 2015 to 2016, thousands of new deals were booked in several posh districts of Dubai. This investor confidence is leading a mushroom growth in other sectors such as tourism, hospitality and retail.
Similarly, forecast reports show that Dubai's property market will recover at a faster pace, and construction-related activity, as well as purchase of real estate would notice an upward trend till 2020.
The UAE has some unique features such as a multidimensional buyer profile, which consists of end-users, investors, expats and stakeholder buyers with unflinching confidence in the administrative and legal system of the country. This is an asset in itself. The country has never had a problem with liquidity as well as demand and supply. There is always something for everyone to make a fortune and secure their holding when investing in the real estate sector. An overwhelming number of construction projects are completed in time, and those in the woods due to a host of international crosscurrents, such as currency value pressure, are also secure and ripe for profits.
The 16th edition of Cityscape Global is an opportunity for investors, as well as stakeholders across the board, to judge the nerve of real estate industry in the UAE, and pin their priorities by closely studying its merits. It is one of the most influential real estate events, and brings with it expertise from a cross section of industrial and financial fields.
The event showcases inherent potentials of real estate as well as the demand graph of the emirates, as it registers new successes. Its iconic sky-high super-structures and safe and secure economic environ are indispensable attractions. The intention primarily is to promote the sector with a networking of leading institutional investors, real estate developers, government authorities, private investors and home buyers, architects, consultants and other senior-level real estate professionals involved in the design and construction of major public and private commercial real estate developments. 
This year more than 100 countries are likely to represent, and welcome around 50,000 participants and hundreds of exhibitors. 
- mehkri@khaleejtimes.com

Dates: September 11 to 13 Venue: Dubai World Trade Centre Visit: www.cityscapeglobal.com Cityscape Global is co-located with Building Healthcare, Innovation and Design Show.