- Off plan discounts look to lure inward investment
- Sustainability in the spotlight in first post COP 27 real estate event
Cityscape, Dubai’s largest property finding event, is taking on a global FDI source mantle for its 2022 showing, which runs at the Dubai World Trade Centre from November 21-23, with 60% of the exhibitor profile coming from outside the UAE.
Exhibitors from 15 countries will be looking to win over property investors at the show as Dubai’s reputation as a hub for high-net-worth individuals and an international marketplace continues to grow.
“With Dubai recording an 18% rise in high-net-worth individuals in the first six months of this year and being named the richest city in the Middle East and Africa by global wealth intelligence firm New World Wealth, its reputation as an investment source market is growing fast,” commented Cityscape exhibition director, Alexander Heuff of event organiser Informa.
“This reputation, enhanced by Dubai’s growing millionaire and billionaire population which now amount to almost 68,000 and 13 respectively, and has become a magnet for those looking for inward investment into their own overseas projects.”
Three countries – Turkey, Pakistan, and Azerbaijan – are to mount country pavilions at the show with the latter two making their national Cityscape debut. Turkey hopes to consolidate its profile as an investment destination of choice with its pavilion participants including some of the country’s most respected developers including Ems Yapi, D Vizyon and Areas Insaat and Atis Yapi, who will be launching their new to market ‘Downtown Bursa’ development providing attendees with excusive offers. Pakistan meanwhile is looking to ride a wave of positive forecasts for its real estate sector which analysts predict will benefit from a renewed focus on sustainable urban development. Key Pakistan exhibitors are Premier Choice GIGA GRO and DCC Developments.
Competition for inward investment though will be fierce with many overseas exhibitors, including those from the UK and Greece, looking to entice buyers with discounts of between 5% – 30% off listed sale prices.
“Cityscape 2022 will be a buyers’ market for sure,” explained Heuff. “Worldwide analysts are predicting a slowdown in the real estate market as national economics shift to higher interest rates, the market though for rental accommodation is expected to surge making property a good buy at lower prices with higher expected rental returns.
“Competition by nations for FDI investment has also led many countries to offer major incentives including tax breaks and passport and nationality qualification for serious investors.”
While Cityscape’s exhibitor profile has taken on an international hue, so has its visitor profile with early registrations showing high ticket demand from would-be buyers from India, the UK, Russia, China, Ukraine, Turkey, Canada, Pakistan, Italy, Spain, Saudi Arabia, Qatar, and Germany.
The influx of cosmopolitan buyers has also prompted strong exhibitor interest from the UAE’s own real estate sector, which represents 40 per cent of the show profile.
“UAE participants have notified us of their intention to launch entirely new completed developments from across the Emirates as well as off-plan opportunities,” explained Heuff. “The event though is not only about buying, it’s also about keeping up with the market’s rapid evolution, with post-Covid buyer preferences, demand for sustainable living solutions and technology induced marketing formats shifting sector realities.”
The Cityscape Intelligence Talks is where the industry and investors can keep abreast of changes and anticipated transformation with sustainability high on the 2022 agenda.
“Being the first real estate event to follow the COP 27 conference in Sharm El Sheikh, Egypt, the industry will be abuzz with discussions around sustainability and the region’s efforts to achieve their Net Zero targets over the next 20 to 30 years,” explained Heuff.
“This year’s Cityscape Intelligence Talks will therefore aptly tackle the industry’s contributions and efforts in curating the Green Smart City of the future. The conference will provide a sustainability and urban regeneration blueprint with the Dubai 2040 Urban Master Plan, share insights into the region’s market trends, and curate organic discussions with leading experts and key industry players. It will be a reality check for the industry’s future and a foundation for discussions which will grow in volume as the UAE heads towards the 2023 hosting of COP 28.”
Cityscape is supported by the Land Department of the Government of Dubai.