Dubai / Emirates Business
Boosted by a year on year increase of 25% for visitors during its first two days, Cityscape Global has been the catalyst for a 186% increase in registered Dubai Land Department transactions of off-plan units, while big name developers have recorded overwhelmingly positive sentiment from investors driven by onsite sales.
The region’s largest real estate and investment show, which concludes today (Wednesday 13 September) at the Dubai World Trade Centre, hosted hundreds of prominent local and international companies offering an array an exclusive deals on projects within the UAE.
According to Cityscape Global data partner, Property Monitor, the UAE’s leading real estate intelligence platform, offered by Cavendish Maxwell a property and construction consultancy, when comparing the number of transactions for off-plan properties during the first day of Cityscape Global in 2016 and 2017, the figure has grown to almost three times the size, jumping from 37 to 106.
Lynnette Abad, Partner and Head of Property Monitor said: “Looking back at the opening day for 2016’s edition compared to 2017’s we can see a dramatic leap in the number of registered DLD transactions made for off-plan units. Permission to sell during the show has seemed to catalyse investor and buyers in the region, and has resulted in a noticeable increase of activity.
“One of the reasons why off-plan has been so successful this year is because developers have found that winning combination of a very good final price point coupled with attractive payment plans. This has lured investors back into the market and opened an opportunity for end-users who couldn’t afford to get on the property ladder before.”
Tom Rhodes, Exhibition Director for Cityscape Global said: “We’re seeing a new wave of investors, end-users and home-owners attending this year, and with 25% more visitors than 2016’s edition, developers’ stands have been busy with activity.
“The atmosphere on the show floor has been great this year, and it’s encouraging to see investors eager to capitalise on attractive pricing by developers during the exhibition.”
Offering deals on one and two bedroom units in their AED250 million Dubai Silicon Oasis project, local company Binghatti Holding showcased the Binghatti Stars development during the three-day property show.
Muhammed Binghatti, CEO and Head of Architecture of Binghatti Holding said: “As a result of the offers we had during the show, we were getting clients who were walking in and closing deals in a matter of minutes, for a total well over AED10 million in sales. Onsite sales have definitely impacted visitors’ engagement.”
Recording a boom in sales for offers on the second phases for their Bloom Towers and Bloom Heights projects, prominent UAE developer Bloom Properties, marks Cityscape Global as a crucial date in their yearly calendar.
Sameh Muhtadi, CEO for Bloom Properties said: “For us, it’s a great event because we actually do more work and sales here than any other venue. I’d say about 60% of our transactions are a direct result of Cityscape.”
In addition to transactions onsite, up to 40 new project launches were announced during the show from developers such as Aldar Properties, Deyaar, Dubai Properties, Jumeirah Golf Estates, Nakheel and Meydan.