World’s largest B2B real estate investment & development event grows to 75,000 square metres – 1,000 exhibitors expected as regional real estate boom continues despite global credit crunch
Building on the phenomenal success of Cityscape Dubai 2007, IIR Middle East, the organiser of Cityscape Dubai, has announced that this year’s event, which is now being extended to cover four days from 6 - 9 October 2008, is already a guaranteed sell out, with 1,000 exhibitors and 60,000 participants expected.
Having already grown by 25% and 27% respectively over the last two years, the premier event in its class is now set to occupy over 75,000 square metres of exhibition space, close to the Dubai International exhibition Centre (DIEC) capacity.
This is particularly impressive given the exponential growth since its 2002 debut which attracted a mere 1,000 participants. Commenting, Rohan Marwaha, Managing Director, Cityscape, stated, “Taking into consideration all of the firm commitments we have received to date, Cityscape Dubai 2008 is already a guaranteed sell out. For the past six years we have consistently grown the event and this year will be the biggest yet, not only in terms of exhibition space but also in terms of participants.”
“Despite the global credit crunch and the dramatic downturn in certain real estate markets such as the US, UK and Spain, the underlying strength and positive sentiment of the wider regional market is undisputed,” added Marwaha.
The final figures for the 2007 show make impressive reading by any international industry standards, confirming its position as the world’s largest business to business real estate investment and development event - 849 exhibitors, with 51,855 industry professionals participating from 136 countries.
Eager to associate their own brands with Cityscape and the astounding exposure to such a range and depth of high profile industry professionals, major international developers and investors have been quick to snap-up advertising and sponsorship opportunities.
To date regional heavyweights, Nakheel, Aldar Properties, Qatari Diar and Dar Al Arkan, Saraya Holdings and Tanmiyat Group have signed up as platinum sponsors. Abyaar Real Estate Development, Tameer and Aqaba Development Corporation, have opted for Gold sponsorship status, with Al Qudra Real Estate, MAG Property Development and Kazemir Aktau Development taking Silver.
Five parallel conferences will take place, attracting key investors, real estate developers, architects and designers amongst others. In addition to the hugely successful Cityscape Dubai Conference, new this year will be the Real Estate Leadership Strategy Forum and the Facilities & Asset Management Conference which will run in parallel with the more established Hotel & Tourism Investment & Development Conference and the perennial World Architectural Conference.
A key feature of Cityscape Dubai 2008 will once again be the Cityscape Architectural Awards 2008 – the most prestigious architectural awards platform for the emerging world to be held under the theme – "Design for an Emerging World".
The Awards will recognise and reward excellence in architecture and design for the emerging regions of the Gulf States, the Middle East, Asia, Africa, the Indian subcontinent, Australasia (excluding Japan, New Zealand & Australia) and Latin America.
“Cityscape’s international brand value is beyond reproach with an unrivalled reputation as a comprehensive international series of B2B real estate events. Undoubtedly, once again Cityscape Dubai is being recognised as the most important event on the international industry calendar,” added Marwaha.
Wednesday, July 16, 2008
Wednesday, July 2, 2008
Expert predicts sustainable property prices by 2009
Expert predicts sustainable property prices by 2009
The next wave of supply coming in 2009 and 2010 may help bring stability to the Dubai market, says MAG Group Property Development.
The booming of property market in Dubai and the Northern Emirates is expected to achieve a more sustainable balance between investors and property owners by 2010, according to a leading developer.
"Driven by Dubai's frenetic and speculative real estate market, the United Arab Emirates' property market has seen unprecedented growth in recent years, easily outpacing the rest of the Arabian Gulf states combined," said Mohammed Nimer, CEO of MAG Group Property Development.
"The construction boom in buildings is about to peak in 2009, with $3 billion worth of real estate either on the drawing board or under construction. From there, the value of the market will fall back to 2007 levels of around $1 billion as more units are delivered. That will hopefully subdue rising market prices," he added.
The MAG Group CEO says actual home owners currently account for just 30% of the properties sold at launch. Real estate sales are still being dominated by short-term investors and not end users, resulting in inflated prices as units are ‘sold-on’ with a premium numerous times prior to completion.
Evidence of the UAE construction boom in property reaching a peak next year can be found in the database of Proleads, the Dubai-based research company that monitors major construction projects across the region from initial planning to completion.
The database shows more than 80 units blocks individually budgeted at up to $100 million currently under construction in Dubai and the Northern Emirates with a combined value of more than $4 billion. But the database also shows a dramatic decline in announced new or planned construction of similar buildings throughout next year and 2010 as dozens of projects reach completion.
"Most projects are still under construction and the next wave of supply will be coming in 2009-2010 which may help bring some stability to the market," said Nimer. "However, this may not provide major relief from rising prices as much of the problem is also due to the ever-increasing costs of land, labour and materials – something not likely to change in the short term."
MAG Group focuses on developing moderately-priced properties which appeal to owner-occupiers. "In the residential sector we emphasis on competitively priced buildings appealing to the mid-range market," said Nimer.
The Dubai real estate market has grown in 2008 with the rate of advance in prices accelerating to a level not seen since 2004, Nimer added. "Prices will continue to go up for the foreseeable future but the non-speculative case for buying real estate – to save on rent and protect capital against inflation – is becoming stronger," he said.
The MAG Group currently has seven property projects across Dubai worth AED3 billion and is expected to grow its portfolio to AED5 billion over the next two years.
Source: Al Bawaba (www.albawaba.com)
The next wave of supply coming in 2009 and 2010 may help bring stability to the Dubai market, says MAG Group Property Development.
The booming of property market in Dubai and the Northern Emirates is expected to achieve a more sustainable balance between investors and property owners by 2010, according to a leading developer.
"Driven by Dubai's frenetic and speculative real estate market, the United Arab Emirates' property market has seen unprecedented growth in recent years, easily outpacing the rest of the Arabian Gulf states combined," said Mohammed Nimer, CEO of MAG Group Property Development.
"The construction boom in buildings is about to peak in 2009, with $3 billion worth of real estate either on the drawing board or under construction. From there, the value of the market will fall back to 2007 levels of around $1 billion as more units are delivered. That will hopefully subdue rising market prices," he added.
The MAG Group CEO says actual home owners currently account for just 30% of the properties sold at launch. Real estate sales are still being dominated by short-term investors and not end users, resulting in inflated prices as units are ‘sold-on’ with a premium numerous times prior to completion.
Evidence of the UAE construction boom in property reaching a peak next year can be found in the database of Proleads, the Dubai-based research company that monitors major construction projects across the region from initial planning to completion.
The database shows more than 80 units blocks individually budgeted at up to $100 million currently under construction in Dubai and the Northern Emirates with a combined value of more than $4 billion. But the database also shows a dramatic decline in announced new or planned construction of similar buildings throughout next year and 2010 as dozens of projects reach completion.
"Most projects are still under construction and the next wave of supply will be coming in 2009-2010 which may help bring some stability to the market," said Nimer. "However, this may not provide major relief from rising prices as much of the problem is also due to the ever-increasing costs of land, labour and materials – something not likely to change in the short term."
MAG Group focuses on developing moderately-priced properties which appeal to owner-occupiers. "In the residential sector we emphasis on competitively priced buildings appealing to the mid-range market," said Nimer.
The Dubai real estate market has grown in 2008 with the rate of advance in prices accelerating to a level not seen since 2004, Nimer added. "Prices will continue to go up for the foreseeable future but the non-speculative case for buying real estate – to save on rent and protect capital against inflation – is becoming stronger," he said.
The MAG Group currently has seven property projects across Dubai worth AED3 billion and is expected to grow its portfolio to AED5 billion over the next two years.
Source: Al Bawaba (www.albawaba.com)
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