Top four stands at Cityscape Dubai 2009

Dubai: Cityscape Dubai 2009 proved to be a platform for Abu Dhabi developers to show their strength - a fact corroborated by the presence of a large number of developers from the capital.

Major developers such as Aldar Properties, Mubadala, TDIC, Hydra Properties and Tamouh participated in the event, while Sorouh and Zaya were absent.

In a telling sign, Aldar Properties and TDIC erected two of the biggest stands at this year's show.

Jesse Downs, director of research and advisory services, Landmark Advisory, says the presence a positive sign.

"As Dubai residents constitute a major portion of investors in the Abu Dhabi projects, this [presence] is definitely positive. Investors will want to have an update on the developments in both Dubai and Abu Dhabi.

"It is unusual to have two cities with landmark developments gaining worldwide attention within such close proximity. Personally, I see these two markets as complementary and believe there's potential for this to improve. The reality is the housing markets in both cities are already highly integrated. Each city appears to be carving out niches, which can be complementary. Ultimately, the real and lasting effect will depend on how the niches evolve."

Abu Dhabi developers present at Cityscape said this year's event was more oriented towards customers and focused on promoting communication between developers and customers.

Ali Bin Sulayem, the CEO of Hydra Properties, says, "Developers must now focus on their customers and offer them new solutions and options. This Cityscape has given customers a chance to interact with the developers and it will go a long way to giving confidence to the market."

The Hydra Properties stand included a ‘customer zone', where investors could get construction updates on projects, finalise paperwork and learn about mortgage options.

"Mortgage financing is clearly one of the major priorities for many customers and our stand hosted a number of institutions which would be offering finance on Hydra projects."

The company has signed an agreement with Reem Finance to provide Islamic home finance options for all properties in Hydra Village, a project that has experienced delivery delays.

These mortgages are Sharia compliant and provide eligible applicants up to 80 per cent finance from seven to 15 years.

Abu Dhabi-based Bloom Properties announced its association with three mortgage providers - the National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) - for its Bloom Gardens development.

These banks will provide up to 80 per cent financing with repayment schemes up to 25 years.

This initiative, among others, is part of a concerted effort by Abu Dhabi developers to target owner-occupiers.