Dubai: Dubai’s development activity will no longer be set within the established locations, a trend which will be on ample display at Cityscape Global 2015 which opens in Dubai on Tuesday. Developers are homing in on a newer set of locations, heading in a southerly direction to locations in and around what is now known as ‘Dubai South’.
The already established locations of Dubailand and Business Bay are also seeing new launches, with Damac putting its stamp, while Emaar did so with a further set of releases at Dubai Creek Harbour.
And slightly removed from the city centre, Dubai Investments came out with ‘Mirdiff Hills’, which lay claim to be the first freehold in Mirdiff. It will create 1,500 apartments, a hotel and a fairly extensive retail area.
Off land, Nakheel has announced a joint venture with a Thai hospitality group for a project on Deira Islands. New projects are emerging out of the pipeline in the northern emirates, with the Sharjah Waterfront City to be unveiled at Cityscape Ras Al Khaimah gets another upscale hotel, at its Al Marjan Islands project.
Clearly, developers are working on a longer-term plan than what is happening now. “The correction that is being witnessed in the real estate market has come at the right time and its impact is being absorbed,” said Hesham Al Qassim, CEO of wasl Asset Management Group.
“In 2017 I think we will witness another hike and see growth again as we lead up to 2020. I predict that the real estate market will reach a new level and will move upwards in the right manner.”
Cityspace will run until September 10.
