Dubai’s government and private developers adopt different tactics
The former was thinking long-term while private names were managing their unsold stock
Dubai: Dubai’s master-developers took the longer term view while its private players focused on the here and now at Cityscape Global 2018. This was clear in the nature of the announcements that were coming out of the exhibition halls and even those made outside.
Meydan unveiled a brand new project away from its massive MBR (Mohammad Bin Rashid) City project; it chose Jebel Ali’s shoreline for the “Marsa Dubai”, which will have waterside villas with their own boat moorings and pontoons.
Another Dubai Government-owned entity, Ithra, gave details of the hugely ambitious “Deira Enrichment Project”, which will create residential, retail and lots of green spacings either side of the Hyatt Regency. The timeline — around 15 years or so.
There was Dubai Holding with Madinat Jumeirah Living, that will have freehold homes in one of the most coveted spots in Jumeirah and within a few minutes from Burj Al Arab.
For the city’s other developers, Cityscape Global was about updating their offers and campaigns, and where possible bring in investors who could help them clear their inventory. Most held back from high visibility launches.
The feedback from developers, big and small, was about adjusting to market realities and not to get sucked into any high-cost campaigns, if at all possible.
In other words, the immediate future is about biding time.