Tuesday, Oct 08, 2013
Dubai
A year can be a long time in real estate cycles given the projected response to this year’s Cityscape Global 2013 which opened in Dubai. The promoters expect a turnout of more than 25,000 visitors for the three-day event, which has already seen a 50 per cent growth in exhibitors.
It was formally opened by Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, and the first day say saw multiple launches and reworked project launches by Nakheel, which has announced an offshore version for Deira. Monday and Tuesday witnessed the launch of 15 projects worth an estimated Dh20 billion, most of these being high-end in primary locations.
There are more than 200 regional and international exhibitors attending and the combined value of launches could end up totaling a substantial Dh60 billion.
Dubai’s real estate market will grow at a robust pace but not to the extent that it will end up overheating the market, according to senior government officials. “The Dubai reality market is active but that’s not the same as saying it’s a bubble,” said Sultan Bin Mejrin, director-eneral of Dubai Land Department. “A raft of new regulations has helped to control and organize the realty market in Dubai.”
Dubai’s Real Estate Investor Protection Law will be released by the first quarter of 2014, the official added.
By Zaher Bitar Senior Reporter
Gulf News 2013. All rights reserved.
