Tuesday, September 27, 2011

Cityscape real estate expo 2011, 27 to 29 September 2011

The Cityscape real estate exhibition 2011 will be unveiled at the Dubai International Convention and Exhibition Centre from 27th September, and will run until 29th September 2011.

The global event is being unveiled this year amidst indications about an oversupplied property market on its way to recovery. On the other end, the global economic backdrop is seen further moving downwards, thereby tightening industry investments and launch of fresh projects.

The real estate sector in general and Dubai in particular, is operating in post-crash mode for the past two to three years, said Chiheb Ben-Mahmoud, Executive Vice President, JLL.

During the years of real estate boom in Dubai, the Cityscape Exhibition saw the launch of most ambitious real estate projects, including a list of super-rich and famous. Among the high profile developments that were unveiled during this period were the likes of Burj Khalifa, and The World. Participants even got the opportunity to meet Holywood stars like Antonio Banderas and sporting legends like Michael Schumacher, as they promoted various developments.

However, this year’s three-day event will be celebrity-free, and according to analysts, the event will be considered as a bellwether for local market sentiment. The market will get to see the progress made on some of the major projects in the emirate, although any new major developments may be unlikely to be announced. However, details about some stalled projects will be revealed, said Matthew Green, Head of research, CBRE.

The Cityscape Global this year will be more realistic, with focus on construction, said Wouter Molman, Exhibition Director at Cityscape. More realist projects that are commercially viable, can be expected, said an executive.

Although future projects may not be seen in the agenda, but there are opportunities for investments in existing developments. However, a higher turnout is not expected for the event, as UAE realty sector is continuing to experience downward pricing pressure in comparison to last year, said a senior analyst at Rasmala Investment Bank in Dubai.

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