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| 13 September, 2017

Soaring sales: Buyers pile in at Cityscape Global

Image of MAG Creek Wellness Resort used for illustrative purpose. Apart from a gated community project within Mohammed Bin Rashid City, MAG Property Developments will also launch a new tower project at Jumeirah Lakes Towers at Cityscape .

Image of MAG Creek Wellness Resort used for illustrative purpose. Apart from a gated community project within Mohammed Bin Rashid City, MAG Property Developments will also launch a new tower project at Jumeirah Lakes Towers at Cityscape .

MAG / Handout via Thomson Reuters Zawya

In Dubai, there is always a new project to sell

Dubai

Landing Dh400 million of sales over three days seems the easiest thing to do … at least for Aldar Properties, which announced that its first two mid-market buildings on Yas Island sold out at Cityscape. Developers who had something to offer were able to do pull in sizeable buyer support or at least make a strong enough impression.

At the exhibition halls, there was intense speculation that another developer, this one from Dubai, also generated a similar kind of volume. But official verification hasn’t been received from any other developer so far.

The final day was also one for another mega launch ... the Dh4 billion MAG Eye in Mohammad Bin Rashid (MBR) City. In Dubai, there is always a new project to sell.

In hindsight, selling directly at Cityscape seems the logical thing to do. That it was only the first time in nearly a decade got many an investor to sign on the dotted lines.

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Senior Aldar officials were not holding back on their enthusiasm. “Coming to Cityscape in Dubai and selling out Water’s Edge on the global stage is a huge success for us, and shows the Abu Dhabi real estate market remains attractive,” said Talal Al Dhiyebi, Chief Development Officer, Aldar Properties, in a statement.

Visitor traffic on the first two days was up 25 per cent, again helping with the sales volumes. According to Lynnette Abad, Partner and Head of Property Monitor said: “Looking back at the opening day for 2016’s edition compared to 2017, we can see a dramatic leap in the number of registered Land Department 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.”

And developers went to town with the discounts and one-off promotions — Al Mazaya Holding has an all-day offer that with a 20 per cent down payment, one could move into the property. And up to five years for the payments. There were even “Cityscape discounts” from a UK exhibitor, with Trafalgar Properties offering special deals on plots.

Staff Report Gulf News 2017. All rights reserved.