Now that stability is being experienced in the price rates of the real estate market, more affordable housing options now enter the market this part of the year. Developers have set their eyes on making affordable housing options. They will reveal these during the 14th edition of Cityscape Global which brings together more than 300 exhibitors from 30 different countries at Dubai World Trade Centre next month. Taking place from September 8-10, Cityscape Global is the world’s largest real estate investment and development event.
The sharp rise of property prices was attributed to the approval of Dubai as the host for Expo 2020, according to experts.
One of the projects that will be unveiled is MAG 5 Boulevard. Offering over 1,000 residential units as well as providing retail, dining, leisure and entertainment amenities, MAG 5 Boulevard is a 24-hour living, walkable community which will encompass more than 800,000 square feet of land. MAG 5 Property Development will be launching Phase 2 of the project at Cityscape.
Mohammed Al Awadhi, VP, Real Estate, Dubai World Central, said: "By 2020, DWC is projected to become a self-sustained urban ecosystem where thousands of professionals and their families will live and work."
The event will help put into perspective the next steps at the future, as well as the reality of the Dubai property market.
Event director Molman mentioned that the mid-term and long-term status of real estate in Dubai is healthy, despite the fluctuating rates. This is reflected by the number of attendees of the 14th edition of Cityscape Global, where they expect the biggest assembly of exhibitors since 2008.
Craig Plumb, Head of Research at JLL Mena, said: "We expect transaction volumes and, subsequently sale prices, to drop further in the second half of the year. But the single digit price correction we saw in the first half of the year is a sharp contrast to declines we witnessed in 2008/2009 and is a clear indication that the market is maturing."
Something novel will take place in the Cityscape event this year. The global event that’s co-located in different conferences will be staged on the day before the exhibition. The new format is expected to facilitate the coming together of more than 800 senior real estate professionals and government official who will explore opportunities and find solutions to key challenges affecting the industry today.
The Facilities Management conference, jointly organised with Middle East Facilities Management Association (MEFMA), and the Real Estate Brokers will run alongside the ‘Dubai Market Overview’ on September 7 at the Conrad Hotel, Dubai.
Also running along with the exhibition is the Cityscape Awards for Emerging Markets. The awards programme will be looking to attract hundreds of entries from developers and architects behind real estate developments across emerging markets globally. Winners will be announced at an elaborate ceremony taking place at the Conrad Hotel, Dubai on September 8.
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