By: Mahmoud Gamal
Dubai – Mubasher: With Cityscape Global is currently paying a new visit to Dubai, stakes are high that the much-anticipated expo will deliver a major boost to the UAE property market.
Cityscape Global expo gives the market a tailwind as participant developers are given a great opportunity to show off their projects, which are likely garner investor interests and increase developers’ profits, Al Ruwad Real Estate's managing director Ismail Al Hammadi told Mubasher in an interview.
Al Hammadi pointed out that the exhibition and the period after it would represent the culmination of the recently-adopted endeavours to boost property price corrections that aim at balancing the market, which had been hit by a surge in rental prices over the past three years.
The expo also will provide stimulus to the local real estate market, given that the current edition of the expo is dedicated solely to showcasing properties existing in Dubai, the top official added.
Transactions carried out during Cityscape Global 2017 amounted to AED 870 million, Al Hammadi revealed, forecasting that this year’s figure would exceed AED 1 billion this year on the back of the rising number of showcased projects.
Al Hammadi explained that the direct selling strategy increases investor confidence in the market, which in turn benefits the local market.
"The flexibility of the real estate buying and selling laws in Dubai has always played an active role in reviving the real estate sector and achieving higher standards,” he concluded.
Running from 2 until 4 October, Cityscape Global will host about 300 real estate exhibitors and their projects in its pavilions covering an exhibition area of 42,000 square metres. It is expected that Cityscape Global 2018 will see roughly 40,000 visitors this year.
Translated by: Dunya Hassanein
