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Flurry of launches at Cityscape

01 October 2017

The 2017 edition of Cityscape Global saw as many as 40 new projects launched by developers such as Aldar Properties, Deyaar, Dubai Properties, Jumeirah Golf Estates, Nakheel and Meydan.

The three-day event, which ran from September 11 to 13 at the Dubai World Trade Centre in Dubai, UAE, also witnessed a 25 per cent increase in the number of visitors during its first two days compared to the previous year.

Cityscape Global hosted hundreds of local and international companies offering an array of deals on projects within the UAE, and was the catalyst for a 186 per cent increase in Dubai Land Department (DLD) transactions of off-plan units, with developers recording positive sentiment from investors driven by on-site sales, according to the organisers.

According to Cityscape Global’s data partner Property Monitor, 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, 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 seemed to catalyse investors and buyers in the region, and resulted in a noticeable increase of activity.

“One of the reasons why off-plan was 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.”

Binghatti Holding registered sales worth well over Dh10 million ($2.72 million) “in a matter of minutes” for its Binghatti Stars residences in Dubai Silicon Oasis, according to Muhammed Binghatti, CEO and Head of Architecture of Binghatti Holding.

Local developer Bloom Properties too recorded a boom in sales for offers on the second phases for its Bloom Towers and Bloom Heights projects.

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 per cent of our transactions are a direct result of Cityscape.”