With fewer launches on Day 1 compared to earlier editions of the property exhibition, Cityscape 2018 has begun with caution and wisdom blended into one. The three-day exhibition of the 17th edition of Cityscape Global 2018, that started on Oct 2, 2018 at Dubai World Trade Centre started off with more launches of existing projects than brand new ones.
More than 300 developers, architects and brokers are showcasing their projects at the exhibition in Dubai this week, as real estate deals sway per the rising oil prices and increased efforts by the government to attract investors to the UAE.
Last year’s exhibition in Dubai saw on-site sales top a strong Dh870 million and a repeat performance is highly desired. Among the handful project launches is the exciting waterfront project, Marsa Meydan from The Meydan Group which will be styled along the lines of the Newport Beach in Orange County, Los Angeles. Villas, townhouses and apartments are offered around a climate-controlled marina.
Another interesting turn is that, Dubai Holding has added a major freehold luxury landmark in Dubai's prime Madinat Jumeirah district - Madinat Jumeirah Living which will be identical to Madinat Jumeirah Resort. The first phase of the development is expected to be completed within 30 months of ground-breaking in 2019 and will consist of gated residential communities.
These new schemes that were showcased in the event promises renewed optimism in the Dubai real estate market. Leading with the same spirit, The Dubai Land Department will most likely launch its ‘smart’ inventions promoting the ease of purchase process. Cityscape Business Hub, an invite-only area for developers to interact with high-level local and international institutional investors is also expected to be launched this year.
Many developers are displaying their marketing efforts through extended post-completion payment plans and other fee waivers. Some of these include service charge waiver, Dubai Land Department fee waiver, guaranteed net rentals, Oqood fee waiver and sales price discounts exclusive to Cityscape.
With the event closing tomorrow on Oct 4, 2018 it is to be seen if there are any major surprise elements in terms of technology or sale offers that can be carried out to boost the property market in Dubai further and support a sustained growth.