Dubai: Re-branded from Cityscape Dubai to Cityscape Global, the must-visit real estate exhibition on the industry's calendar starts Monday and runs for the next four days.
Many expect a repetition of last year, a much quieter affair than during the boom years, not about property launches but a return to its original raison d'être — networking.
"People are expecting Cityscape this year to be a networking event rather than earth-shattering announcements," Ronald Hinchey, a partner at Cluttons Middle East, told Gulf News.
"People want to get a feel for how everyone else is doing, to see where the market is sitting these days compared to the same time last year, a couple of months ago and where it is heading," he added.
Telling signs
The real estate consultancy is one of the 131 exhibitors one can find on Cityscape's published list. And the fact that it will be one of the few of its kind participating in company of Sherwoods and Fine & Country is a telling sign of the times.
"This year's Cityscape represents the best that is left from the agencies. The low participation shows the difficult market we're in today, the one for the brave ones," said Cecilia Reinaldo, Fine & Country managing director.
"The merit is that the competition, which was not compliant with market regulations [is] out. There is no space to play around in this market anymore."
Interestingly enough, she told Gulf News, the broker is not focusing on Dubai but bringing real estate offerings in Cyprus and Brazil to this year's Cityscape, underscoring the ‘global' aspect of the exhibition.
Over 30 per cent of exhibitors this year are coming from all parts of the world, including quite a few European, North American and Asian players.
Emaar, Nakheel and Tanmiyat are taking on the role of foundation sponsors, whilst Abu Dhabi-based developers Sorouh and Waha Land are going for gold and silver respectively. Other UAE developers exhibiting include Ras Al Khaimah's Rakeen and Abu Dhabi's Mubadala and Bloom Properties.
Dubai's developers are represented by Damac, City of Arabia, Dubai Silicon Oasis, Dubai Properties Group, Falcon City, Union Properties, Meraas and Meydan City Corporation. Bahrain Bay is also on the list.
With less players than in previous years, some may be looking for investment while others are simply there to demonstrate their commitment to the market.
"Developers want to reassure that despite the delays they are now going full steam ahead to give confidence to the investors. Some will probably offer special deals on their existing stocks," Reinaldo said.
Nakheel has led with announcements on restarting projects in the run-up to the exhibition. Emaar has had some positive feedback from the market.
Chet Riley, real estate analyst, does not expect to find out anything too exciting.
"My guess is it will be another rather dull event. However, there usually are a couple of decent seminars, but the conferences I usually find disappointing I don't learn much that is new," he told Gulf News.
The main conference menu is tuned down in size as well, focusing on the global economy and real estate investment isues, hospitality and of course analysing the opportunities in the region.
Retail will have its own forum. Architects and urban planners will get their say again at the World Architecture Congress and City Leaders Forum. Investor Round Tables and evening events round off the networking experience.
At the stands, Hinchey reckons the issue of building vacancies will come up. People want to know what void percentages others are experiencing.
"Some sought after buildings have had a waiting list for the last 25 years and suddenly for the first time there are empty units, which kind of tells the story," he said.
Hinchey, who has been in Dubai long enough to see several troughs and peaks, believes this time round it is all about making the city affordable.
"We have the best infrastructure and lifestyle in the region. Rents have come down and should soften further to attract more people to live and work in Dubai. We don't need many to make a difference in this market, 100,000 would be enough," he said.
Projects
Rakeen Development Saturday announced that its showcase at this year's Cityscape Global in Dubai will be headlined by its high-profile projects.
The Al Marjan Island and Bab Al Bahr Rakeen Development projects will be participating in the four-day event that begins tomorrow, along with RAK Investment Authority (Rakia), RAK Properties and Al Hamra Real Estate at Stand 5B10, Hall 5 of Dubai International Exhibition Centre.
Rakeen Development also revealed that up to 70 per cent of plots at Al Marjan Island, the first man-made island in Ras Al Khaimah, have been sold.
