Dubai Land Department (DLD) has confirmed that real estate developers taking part at Cityscape Global 2018, the largest real estate exhibition in the region, will be allowed to sell their UAE-based projects on the exhibition floor following the unprecedented success of the 2017 edition.

The decision was made after Dh870 million worth of on-site transactions was recorded during the three days of Cityscape Global last year, where sales were permitted for the first time in the exhibition’s history, said the organisers.

In a post-show report compiled by Informa, organisers of Cityscape Global, some 67 per cent of the 37,821 visitors who attended the event expressed an interest in making a purchase or doing business with an organisation they met at the exhibition over the course of the next 12 months.

Firmly established as the leading platform for real estate investment, both regionally and internationally, Cityscape Global is where the market meets to network and keep updated on current trends, whilst investors and end-users can benefit from the wide range of investment opportunities and advice, under one roof.

Tom Rhodes, the exhibition director at Cityscape Global said: "Permitting on-site transactions was a significant milestone in the history of Cityscape Global and it allowed us to enhance the experience of all participants whether they are property developers, home buyers, investors, or agents."

"We are honoured by the continuous support of government entities such as the Dubai Land Department, the Real Estate Regulatory Authority (Rera) and the UAE Municipalities which we are able to offer unique and value-adding services to Cityscape Global participants," stated Rhodes.

“Through the implementation of new regulations in the real estate market Dubai has become one of the most transparent places to invest globally. These regulations are critical to the development of the market in the UAE for both local and international investors and illustrates the government’s commitment to a fair and transparent property market,” he added.

Many exhibitors reported a successful 2017 at Cityscape Global including big players such as Azizi Developments, which sold out its Phase One units for the Dh12 billion waterfront project, Azizi Riviera, sasid the organisers.

An anonymous buyer of one Omniyat’s One Palm units broke the record for the most expensive penthouse, with a final price of Dh102 million; and Aldar’s ‘Water’s Edge’ project generated $109 million in sales of the first phase.

The show witnessed a host of new project launches and masterplan unveilings from major developers such as Nakheel's Dh4 billion worth of developments; Union Properties' Dh8 billion masterplan for MotorCity; and Deyaar's Dh1 billion South Bay in Business Bay, and the 2018 event is expected to be home to a range of major new launches, announcements and project updates, it stated.

Regional developers are now preparing for their participation in the UAE capital’s leading property event Cityscape Abu Dhabi, taking place from April 17 to 19 at the Abu Dhabi National Exhibition Center (Adnec). On-site transactions will be permitted in Abu Dhabi for the fourth consecutive edition.-TradeArabia News Service