VIP PROPERTY AT CITYSCAPE – DUBAI

We are pleased to inform you that we have attended the Cityscape in Dubai between 11th of September and 13th of September 2017 with the developers for one of our recent projects called 211 Park & Plus. Overall, it was a very successful event, which is recognized as the annual barometer for the real estate industry in emerging markets and is one of the largest and most influential real estate events held globally, for us in terms of networking and expanding our business.

For the three-day event, 300 exhibitors from both local and international markets have arrived at Dubai World Trade Centre. One of the facts that made the event successful and exciting was the restrictions on direct sales has been lifted. As noted by James Morgan “there are many reasons for developers and real estate service providers to attend an exhibition like Cityscape, not least to showcase their latest wares. Indeed, the event saw a diverse array of high-profile participants, many of which unveiled their upcoming developments. Aldar Properties, Azizi Developments, Deyaar Development, Jumeirah Golf Estates (JGE), National Bonds Corporation, and Union Properties (UP) all launched projects at the show” (Source: http://www.constructionweekonline.com/article-46346-cityscape-global-2017-highlights-need-for-more-nuanced-sales-strategies/) According to Khaleej Times (14.09.2017), boosted by a year-on-year increase by 25% in visitor traffic during its first two days, Dubai Land Department (DLD) transactions registered a 186% increase while most big-ticket developers recorded overwhelmingly positive sentiment driven by onsite sales. Cityscape Global data partner Property Monitor have confirmed that the number of transactions for off-plan properties on the first day of Cityscape had grown to almost three times the size, jumping from 37 to 106, year-on-year. There is no doubt that the key appealing point was the attractive payment plans. It was also published some figures on Khaleej Times (12.09.2017): total value of projects in UAE as September 2017: $227.9 billion; value of buildings being developed in Dubai: $121.1 billion; number of building projects under way in UAE: 7,878; value of projects under way in Abu Dhabi: $64.3 billion.

Apart from some big launches from the biggest players in the regional real estate development, there were some new exhibitors this year including such as Arada (Sharjah), Aldar (Abu Dhabi), Imkan (Abu Dhabi), Oriental Pearls (Dubai), and Northacre from the UK. There were also some new developers at the Bahrain and Pakistan pavilions, which was quite weak in our opinion, whilst some 20 firms from South Korea have exhibited with Korean Tourism Organization, which was quite interesting. Cityscape have also given the opportunity to the visitors not only to meet with the developers, but also the brokers and financiers and some marketing companies (in a broad sense). Cityscape talks on each day have covered various interesting topics.

We have noticed that there is quite huge interest in off-plan projects with flexible payment plans. On the first day of Cityscape Global this year, a total of 107 off-plan units were transferred, whereas on the first day of Cityscape Global in 2016, only 36 off-plan units sold. Lynnette Abad, head of Property Monitor at Cavendish Maxwell, commented: “Due to the winning combination of low price point and attractive payment plan, developers have managed to lure the investor back into the market and have opened up the doors to first time buyers who couldn’t avoid to buy property before.” Individual investors have also made up a large proportion of attendees at this year’s Cityscape. (Source: http://www.cbnme.com/news/highlights-cityscape-global-2017/ )

We are proud of taking a part in this global event, which gave us a chance and opportunity to make some agreements with some big companies and to meet the international investors.

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