Business | General
Cityscape deals fail to match investor interest
This year's Cityscape has seen it all, including a one-kilometre tall tower, hanging gardens, royal visits, mergers and an island museum.
- By Suzanne Fenton and Nadia Saleem, Staff Reporters
- Published: 00:27 October 10, 2008
Dubai: This year's Cityscape has seen it all, including a one-kilometre tall tower, hanging gardens, royal visits, mergers and an island museum.
The event ended on a high note on Thursday with a visit by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Shaikh Mohammad told Gulf News he was very pleased with the success of this year's Cityscape.
This year's Cityscape was highly anticipated in the hope it would boost investor confidence after a rocky few weeks in global markets.
Rohan Marwaha, managing director of Cityscape said this year's show had been about "cautious optimism". "People are thinking more about where and what they invest in."
However, although Cityscape organisers say that there is "much more interest this year compared to last year," property sellers say that potential buyers are afraid of investing.
Abdul Rahim, sales executive at RAK properties said sales during Cityscape 2008 were "a little bit down compared with last year."
Mansoureh Ghezipour, property consultant, Best Homes Emirates Real Estate, said, "People trusted the market last year but this year they are afraid of buying. The number of visitors is higher this year but nobody buys."
Sikander Aziz, sales executive of Bonyan International Investments Group, said the interest of visitors is higher, but the actual buying is low.
"There were a lot of buyers last year." When asked the possible reason behind the lack of initiative to purchase, Aziz said, "Global liquidity conditions."
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