Showing investors that Dubai is set for a period of long-term sustainable market growth is one of the objectives of this year Cityscape, which takes place at the World Trade Centre starting today (Sunday).
Event organisers say the show will demonstrate how the design and build business and the property market have developed over recent months and point the way towards the future.
The showcase features architects, developers, engineers, government officials and investors and is also a key date in the calendar for new projects to be unveiled.
Wouter Molman, director of Cityscape Global, said: “It is very interesting to see how the Dubai market has developed over the past six months in particular, showing a more modest but realistic growth pattern following the introduction of some cooling measures by the Dubai Land Department and the UAE Central Bank.”
He explained that the introduction of higher property transfer fees and the implementation of the new mortgage laws have had a positive impact on the market.
Molman said: “This may be an indicator that UAE’s real estate market is becoming more mature and resilient than it was during the previous property boom in 2008. Against this backdrop, it will be interesting to see if Cityscape Global – the barometer of the real estate market – will reaffirm this pattern and fuel investor confidence in the long term sustainable growth of the market.”
The exhibition has grown by over 25% over the 2013 exhibitor figure this year. It will cover over 31,000m2 of exhibition space across eight halls, making it the largest edition of the event since its peak in 2008.
On an international level, several countries will be more strongly represented, including Turkey, Egypt, UK, USA and Qatar, while investment opportunities from countries including Morocco, Azerbaijan and Palestine are making their entry to the show for the first time in several years.
Molman said: “For architects, Cityscape Global offers a unique opportunity to showcase their past work, keep an eye on their competition and to meet with the developers behind some of the largest developments from throughout the region.
“Dubai’s real estate pipeline in particular is impressive, with about 15,000 housing units expected to be handed over annually in the next few years, and major projects including Dubai World Central – including Expo 2020 site, Sheikh Mohammed bin Rashid City, Dubai Land and the Mall of the World offering unprecedented business opportunities for architects operating in the region.”
Real estate companies present will include Emaar, Dubai Properties, Nakheel, Meraas, Meydan, DAMAC Properties, Union Properties and Deyaar from Dubai. Also TDIC, Manazel, Farglory and Bloom from Abu Dhabi, RAK Properties from Ras al Khaimah, United Developers from Kuwait and United Development Company from Qatar.
Developers say sustainability will be a major factor in projects to be shown off
Jeevan D’Mello, senior director of Emaar Community Management said his company’s ongoing projects include expanding Arabian ranches, the Opera District and Dubai Hills Estate.
He said: “Sustainable principles, strategies and practices are fundamental to how we maintain our communities. Some of our initiatives include a drive to remove invasive Damas trees, an edutainment event for younger residents, as well as campaigns and community projects to conserve water and energy. These efforts are complemented by our focus on renewable energy initiatives, recycling and waste management.”
Union Properties PJSC will be launching a high-rise residential development in Motor City.
General manager, Ahmad Khalaf Al Marri, said: “We are constructing developments that are in line with people’s demand for change. Residents are looking for a greener lifestyle, therefore we need to focus on sustainable retail and residential projects.
“Sustainability is gaining momentum globally and areas such as the UAE have the opportunity to be the flagship of sustainable development. The region is at the forefront of environmental policies, procedures and regulations and each developer has to now take responsibility of going that extra mile and pushing the boundaries of sustainable development.”