Cityscape sees 53pc visitor increase
Dubai, October 9, 2013
The first day of Cityscape Global saw a 53 per cent increase in visitor numbers year-on-year as major local and international developers have turned out to launch a host of new projects.
Middle East investors were joined by those from India, Pakistan, Russia, Turkey and the UK, at the real estate event, running at the Dubai World Trade Centre until October 10, to find out about new projects and units released for sale.
Wouter Molman, exhibition director, said: “All indications in the run up to the show were pointing towards an incredibly busy, profitable opening day and the turnout from international investors has been impressive. Exhibition space sold out some six weeks before we opened and today we have seen a number of announcements from our UAE and global exhibitors.
“While there has been much debate in recent months that the UAE is entering into another ‘property bubble,’ we can see that current market fundamentals are actually far stronger today than they were in 2008; an estimated 100,000 new residents added to Dubai’s population every year and a healthy GDP growth of more than 4 per cent will support the recent market growth.”
The International Monetary Fund (IMF), meanwhile, has increased its forecast economic growth for the GCC to 4.4 per cent in 2014, an increase from 3.78 per cent in its May report, he said.
Foundation sponsor Nakheel launched three sustainable waterfront projects: the transformation of four islands at Deira into a 16 million sq m mixed-use development; the creation of a boardwalk covering the 11 km Palm Jumeirah crescent; and a beach club and park on the Palm Jumeirah, said a statement.
Dubai Holding and Emaar Properties unveiled the extent of their joint venture The Lagoons, a waterfront city that will define the new face of Dubai’s future, within Mohammed Bin Rashid City, it said.
Meydan released 444 serviced apartments for sale in the Entisar Tower on Sheikh Zayed Road. Ranging from one to three bedrooms, the serviced apartments cover a total area of 66,300 sq m across 37 floors of the 100+ storey vertical community building.
Dubai Properties Group presented the plan of a luxury beachfront hotel, set for construction at the Jumeirah Beach Residence and a new residential twin tower project in Business Bay. Culture Village from the group, which comprises residential and commercial projects, was also in the spotlight.
Also highlighted was the Mall of Qatar project, a 4,175,000 sq ft shopping complex under construction in Doha with more than 1,750,000 sq ft of retail leasable space. Qatar-based Msheireb Properties is participating in the event with its flagship development, the world’s first sustainable downtown regeneration project in a modern metropolis: the QR20 billion ($5.5 billion) redevelopment of the historical centre of Doha.
The Dubai Land Department, the supporting authority for the event, revealed its new 3D real estate investment map, created in collaboration with Google, where developers and investors can operate under the authority of Dubai government rules and regulations. Designed to support the growth of the real estate sector in Dubai, the interactive application will give investors access to view projects and developments taking place across the emirate. - TradeArabia News Service
More Construction & Real Estate Stories
- Tunelling experts to meet in Dubai
- New mortgage rules to drive UAE property boom
- Sub-Saharan real estate set for big growth
- Cluttons names professional services head
- Hill wins key Doha tower project
- Dubai wins Expo 2020 with HOK masterplan
- UAE property group to invest $54m in Turkey
- Industrial facility rents up in Abu Dhabi
- DB Schenker breaks ground on new Dubai facility
- Arabtec inks $1.2bn UAE hospital contract