JEDDAH — The continued confidence in Dubai's maturing real estate market has been underlined by a 30% increase in exhibitors at the Middle East's largest property showcase, Cityscape Global. While the 14th edition of the event prepares to host more than 300 exhibitors in a significantly expanded exhibition arena, global property experts, JLL's Q1 2015 residential market overview has reported the delivery of approximately 730 residential units across Dubai.
An additional 22,000 residential units are expected to enter the market by the end of 2015, another 13,000 units in 2016 and 10,000 units in 2017, reinforcing the sentiment that the UAE's real estate sector is continuing to grow at a sustainable rate as the demand for housing rises.
According to JLL, a combination of governmental regulatory changes implemented in the last year across the region has ensured market conditions in the residential sector remain stable.
Further highlighting the positive nature of the market, organizers of Cityscape Global, which takes place on Sept. 8-10 at the Dubai World Trade Centre, confirmed today that the event has been extended by two additional exhibition halls – four more halls since the 2013 event – covering more than 40,000sqm of exhibition space.
Headline exhibitors returning for 2015 include Emaar, Dubai Properties, Dubai World Central, Meydan, Meraas and Nakheel while first-time exhibitors include Kleindienst Group, DMCC and Al Barari.
Majid Al Futtaim Properties, another newcomer to the event, will showcase its major community projects, displaying three amenity-rich neighborhoods that can accommodate people's modern lifestyles where they can live, work and play, and even learn in the same place. These community developments are Al Zahia in Sharjah, UAE, Waterfront City in Beirut, Lebanon, and The Wave Muscat, Oman.
Simon Azzam, CEO, Majid Al Futtaim Properties Communities Business Unit, said: “Today's modern families want to live in sustainable living environments designed for life-long value, where owners, residents and tenants will feel the added value”. He further added: “At Majid Al Futtaim, we not only create great moments for everyone, every day, but we also meet the region's growing demand for real living environments.”
According to Azzam, the past 10 years have witnessed a huge demand by homebuyers across the regional real estate market for gated mixed use residential communities, with the aim to develop and deliver premier development opportunities in the region.
Majid Al Futtaim will provide commercial returns through delivering superior quality retail, hospitality, leisure, business and community offerings within an attractive, contemporary and diverse destination.
Cityscape Global is the annual meeting point for key real estate investors, developers, investment promotion authorities, architects, designers and other real estate professionals to drive growth in real estate investment and development across emerging markets globally.
Wouter Molman, Director of Cityscape Group said: “The demand for exhibition space has been remarkable and as such, we have increased the floor area and adjusted the lay out to ensure visitors can conveniently navigate their way around the venue.
“The need to add two additional halls this year has stemmed from both new exhibitors as well as previous exhibitors requesting larger stands to accommodate their existing and new projects which will be showcased to thousands of visitors in September.
“In 2014 we welcomed more than 47,000 participants; a 42% year-on-year increase. With Cityscape Global set to be the largest it has been for six years, we expect a very strong turnout of visitors from all over the world, as they look to maximize their investment potential in this lucrative market.” — SG
