Experts upbeat on real estate recovery
25 October 2021 – Trade Arabia – www.tradearabia.com
Experts upbeat on real estate recovery as luxury properties demand up
Leading industry developers are forecasting a steady recovery in the real estate market with promising interest from resilient investors, brokers and homebuyers, ahead of the live Cityscape Global exhibition in Dubai.
Adapting to a changing world, for the first time ever, Cityscape Global will be both a live, in-person event from November 9 to 11 and a two-month-long virtual event during October and November.
Cityscape Global’s Real Estate Festival will be celebrated throughout October and November, connecting even more developers, architects and designers with investors, HNWI and buyers, said the organisers.
Making the most of the hybrid model, Cityscape Global will also host a series of investor summits in key regions for inbound investments into the UAE.
The three-day live event, which kicks off on November 9 at the Dubai Exhibition Centre (DEC) within the Expo 2020 site, will present top development enterprises including Damac Properties and Azizi Developments.
Damac Properties’ Senior Vice President Niall McLoughlin is confident that the current recovery being witnessed in the real estate market will continue for the coming months.
“I see in the medium term, a continuation of a buyer’s market, as competitive prices and payment plans continue attracting customers. With the recent rise of people moving into villas, developers are trying to make community life as appealing as possible, offering residents countless amenities,” stated McLoughlin.
The pandemic has placed significant importance on larger living spaces and the inclusion of high-end facilities. As the world has adapted to a semi-permanent work-from-home system, developers are eager to start constructing new properties with larger living spaces to meet the demand of potential investors and organisations.
McLoughlin said: “At Damac, we believe the current shift into working from home is a sign of our times and we have seen this move being permanently adopted by global entities, particularly when planning future real estate exhibitions, as Cityscape Global has done with its hybrid model approach this year. As developers, we welcome change with open arms in efforts to expand our portfolio and innovate.”
“About 19,056 new units were launched in 2021, which is the lowest since 2012 according to CBRE. One of our main goals of participating at Cityscape is enhancing our relationships with our existing customer base and continue growing our plethora of units,” he stated.
In an effort to advance its inclusion in the rapidly digitalised real estate industry, Damac has modernised its living app, he added.
Farhad Azizi, the CEO of Azizi Developments, said: “We have announced the addition of new facilities at our flagship community Riviera including a 3.2km running and cycling track winding through the entire community, numerous basketball and tennis courts, playgrounds, as well as plenty of parks and greenery throughout,” he stated.
“We want to make sure that this development lives up to – and surpasses – all our stakeholder expectations. We are not here to just construct mere buildings; we want to enrich lifestyles for generations to come,” he added.
The leading developers are confident in the influx of buyers in the region, particularly with their luxury developments across Dubai.
During the first quarter, the value of transactions within the luxury residential industry rose by 25% over previous year, according to Luxhabitat Sotheby’s. The brokerage notes the rebound in home sales in Q2, with an increase in the total volume of transactions for the home market in Dubai becoming more than AED16.7 billion, compared to AED5 billion in the same period last year.
Cityscape Group Director Chris Speller said: “In terms of future trends, Expo 2020 has opened a new focus for investors in areas close to the Expo 2020 site. While the property occupancy is still low, the expansion of Maktoum airport has anticipated a dramatic increase in tourism to these areas.”
“With upgraded infrastructure including new metro links, additional commercial and residential spaces – the area is rapidly growing. There has been an influx of tourists who have been working from home, from Dubai and this is expected to steadily increase, he added.
According to organisers, the live and in-person event will be held in adherence with Informa AllSecure, an enhanced health and safety standards that raise the bar on safe, hygienic, productive, and high-quality organised event experiences.
The summit returns with support from its key sponsors Colliers, JLL, Kohler, Land Sterling, LWK + Partners, Regus and WhiteBricks, on November 7 and 8.
Cityscape, owned by Informa Markets, first took place in 2002 in Dubai and has since grown to be beyond exhibitions, to become one of the largest real estate data and media portfolios globally.
With a focused content & data platform, Cityscape Intelligence, and with events taking place across the Middle East, North Africa, Asia and Turkey, the Cityscape brand is tapped into the real estate market across a spectrum of markets, including Dubai, Abu Dhabi, Egypt and Saudi Arabia, and with expansions on the horizon in Europe and Asia.