Over AED870 million ($236.8 million) in off-plan properties was sold at this year’s Cityscape Global, according to figures released by the Dubai Land Department.
Developers were allowed to sell their UAE-based projects at this year's Cityscape Global for the first time in 16 years.
In the previous years, developers, local and international, were only allowed to showcase their projects and not allowed to conduct any sales during the event.
Exhibitors had to record sales in accordance with the rules and regulations of the Dubai's land departments and municipalities.
This year’s event saw the participation of approximately 45,500 people between September 10 and 13 – an increase of nearly 20 percent on last year.
“It was encouraging to see such an influx of participants this year, and with the number of deals being made on-site,” said Cityscape Global Exhibition Director Tom Rhodes. “It was evident to see that the attractive offers, and flexible payment plans being promoted by exhibitors appealed to all visitors at the show.”
The event’s organisers, Informa said two-thirds of surveyed visitors said they intended to make a purchase or do business onsite. Exhibitors, for their part, were expected to make an average of AED22 million ($5.98 million) as a result of their participation.
Statistics from Property Monitor indicated that an additional 617 registered off-plan sales took place in the week following the event.
“It’s important to note that with both the registered DLD transactions during the show as well as the week after the event, off-plan sales for apartments outnumbered those for townhouses and villas,” said Lynnette Abad, Partner and Head of Property Monitor.
“This highlights the shift in investors’ and end-users’ preference, which is likely backed by the location of the property, security of investment and income yields.”
Among the notable Cityscape Global success stories was Azizi Develoments, who sold out their phase one units for Azizi Riveira, a AED12 billion ($3.26 billion) waterfront project and Aldar, whose ‘Water’s Edge’ project generated AED400 million ($109 million) in the first phase.
Additionally, an anonymous buyer for one of Omniyat’s One Palm units broke the record for the most expensive penthouse for a final price of AED102 million ($27.7 million).For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.