Dubai: Billions of dirhams worth of property development in the UAE were showcased on Monday as Cityscape Global, the annual Dubai real estate jamboree, kicked off on Monday.
Unveiled were a number of residential and commercial projects, with loads of sweeteners, including luxury vehicles thrown in for free with property purchases.
Cityscape Global was inaugurated by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai. He was joined by Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation, Chairman and Chief Executive of Emirates airline and Group.
Some of the key projects on display at Cityscape include a Dh2.4-billion-development by Abu Dhabi-based Aldar Properties, which is targeting middle-income families with their latest project.
The project is one of many at Cityscape Global aimed at end users specifically in the mid-market segment where the UAE faces a shortage of supply and strong demand.
Another key project attracting attention is District 2020, which is what the Expo 2020 site will turn into once the event is over in early 2021. The development will include both residential and commercial units, with Expo organizers saying it will also be a long-term contributor to the UAE’s economy as companies establish presence there.
Other developers at Cityscape Global include Bloom Properties, Damac, Danube Properties, Deyaar Development, Dubai Holding, Dubai South, Nakheel, Majid Al Futtaim Properties, and Meydan Group, among others. The event runs until September 13 at the Dubai World Trade Centre.
The event comes as Dubai’s property market grapples with subdued demand amid weak investor appetite on the back of lower oil prices and slower economic growth.
In the second quarter of 2017, for example, sales prices and rental rates were both little changed, according to JLL. Analysts expect market sentiment to pick up later this year, however, as prices start to bottom out.