- Title: UAE: Dubai property show aims to build on property boom
- Date: 10th October 2013
- Summary: DUBAI, UNITED ARAB EMIRATES (OCTOBER 8, 2013) (REUTERS) SIGN READING "CITYSCAPE GLOBAL CONFERENCES" VARIOUS OF PEOPLE WALKING INSIDE EXHIBITION UNVEILING OF MODEL OF DEVELOPMENT MODEL OF DEVELOPMENT WITH A FERRIS WHEEL MORE OF PEOPLE WALKING INSIDE EXHIBITION LOOKING AT DEVELOPMENTS (SOUNDBITE) (English) CITYSCAPE GLOBAL EXHIBITION DIRECTOR, WOUTER MOLMAN, SAYING: "I guess the interesting thing about this year is that it's not just the usual big players of the market - the likes of Emaar, Dubai Properties and Nakheel - who are obviously out here in full force and launching some very major developments, but because of the growth of the show we also have a lot of developers that people have not seen in Cityscape ever before or not for a couple of years, launching new projects or reviving projects that may have been put on hold or postponed for some time that are now really going ahead." NAKHEEL STAND SCREEN WITH PICTURE OF DEVELOPMENT MORE OF NAKHEEL STAND OMNIYAT STAND (SOUNDBITE) (Arabic) DIRECTOR OF SALES & MARKETING AT OMNIYAT, MOHAMMED HMEID, SAYING: "From the types of projects that have been announced, especially Mohammed Bin Rashid city, Dubai canals, the many lagoons. It shows confidence to the buyer. The type of buyer has also changed, buyers are now buying places to live in not for selling and this is very important." VARIOUS OF PEOPLE LOOKING AT MODEL OF MOHAMMED BIN RASHID CITY PROJECT (SOUNDBITE) (Arabic) HEAD OF COMMERCIAL AND FREE ZONE AT MEYDAN, MOHAMMAD AL KHAYAT, SAYING: "I would say that the market value of the project is between 30 - 35 billion dirhams and this project will extend from Sheikh Zayed road to Jumeriah beach. This project will have some essential points in it, a retail strip on both sides of the canal of about 2.5 kilometres on either side which will be tied from the Sheikh Zayed road to the park to allow for a pedestrian walking area which will be part of the lifestyle and exercise." PEOPLE AT "EMAAR" STAND EMAAR SIGN PICTURE OF 'THE LAGOONS' DEVELOPMENT VARIOUS OF MODEL OF DEVELOPMENT PROJECT PROJECT BEING UNVEILED MORE OF MODEL OF DEVELOPMENT PROJECT STAND WITH SIGN READING "DAMAC" VARIOUS OF MODEL PROJECTS OF TRUMP ESTATES (SOUNDBITE) (Arabic) MANAGING DIRECTOR OF DAMAC, ZIAD EL CHAAR, SAYING: "DAMAC has specialised in luxury apartments since it was established in 2002 and Akoya's target is to offer luxury homes to those wealthy people who can afford it." VARIOUS OF SALES PEOPLE SITTING WITH VISITORS IN SHOWROOM (SOUNDBITE) (Arabic) MANAGING DIRECTOR OF DAMAC, ZIAD EL CHAAR, SAYING: "The property sector has been growing for the last 18 months without there being any additional debt or loans on the market. Until today banks are still not present in the property market so a large part of the investment is from the secure finances avenues of those employees buying property in Dubai." MORE OF VARIOUS DEVELOPMENT MODELS ON DISPLAY
- Embargoed: 25th October 2013 13:00
- Keywords:
- Location: United Arab Emirates
- Country: United Arab Emirates
- Topics: General
- Reuters ID: LVAAIVZOOM6UI2XC9EHIA9G81TAW
- Story Text: Developers and property investors are in Dubai attending Cityscape Global, one of the Middle East's largest property shows.
The event, which kicked off on Tuesday (October 8), is now in its fourth year, and organisers say there are even more people taking part this year, a sign of Dubai's recovering property market.
"I guess the interesting thing about this year is that its not just the usual big players of the market - the likes of Emaar, Dubai Properties and Nakheel - who are obviously out here in full force and launching some very major developments, but because of the growth of the show we also have a lot of developers that people have not seen in Cityscape ever before or not for a couple of years, launching new projects or reviving projects that may have been put on hold or postponed for some time that are now really going ahead," said the exhibition's Director, Wouter Molman.
The show provides a platform for Dubai-based companies as well as international businesses to showcase their new development projects.
Among the companies taking part at this year's event is Dubai developer Nakheel, who announced on Tuesday plans to restart work on one of the three palm-shaped islands that came to symbolise the excesses of the emirate's boom years.
Their move also signals the Gulf state is bouncing back from its financial crisis.
Emaar Properties and Dubai Holding, a conglomerate owned by the emirate's ruler, said they would join forces to restart work on The Lagoons, a 6 million square metre development that also floundered in the wake of the emirate's property crash and corporate debt crisis.
Real estate developers, many of them state-controlled, have also announced tens of billions of dollars worth of new projects in the past year as Dubai's economy revives on the back of growth in the trade and tourism sectors.
''From the types of projects that have been announced, especially Mohammed Bin Rashid city, Dubai canals, the many lagoons. It shows confidence to the buyer. The type of buyer has also changed, buyers are now buying places to live in not for selling and this is very important," said Director of Sales and Marketing at Omniyat, Mohammed Hmeid.
But the rapid rate of expansion of Dubai's property market is prompting fears that Dubai could be heading towards another property bubble, similar to that of 2009-2010.
The crash pushed Dubai close to a debt default and wiped more than 50 percent off the market value.
Now, apartment prices are up about 20 percent this year, helped by an influx of foreign money.
"DAMAC has specialised in luxury apartments since it was established in 2002 and Akoya's target is to offer luxury homes to those wealthy people who can afford it," Managing Director Of Damac, Ziad El Chaar told Reuters.
"The property sector has been growing for the last 18 months without there being any additional debt or loans on the market. Until today banks are still not present in the property market so a large part of the investment is from the secure finances avenues of those employees buying property in Dubai," he added.
DAMAC Properties, a privately held Dubai property developer, announced the launch of The Trump Estates to take place at the centre of AKOYA, a 28 million square foot development currently under construction.
The 100 luxury mansions will overlook the Trump International Golf Club, a 7,205-yard par 71 course.
With investors and developers keen to have a slice of the Dubai property market, the government itself is making an effort not to repeat mistakes made in the past, but to build on the Emirate's real estate future.
Only last month Dubai said it will raise the registration fee charged for real estate transactions to 4 percent from 2 percent on Oct. 6, in order to prevent excessive speculation in the property market
Cityscape Global runs for three days ending on Thursday (October 10).
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