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Cityscape Dubai deal rooms' demand plummets
Demand for hotel meeting rooms used to complete deals at Cityscape Dubai is well down on last year, Arabian Business has learnt.
Only one meeting room at Dubai’s Novotel World Trade Centre, which has long been a popular place for some of Dubai’s biggest developers to seal multi-million dollar deals during the property show, has been booked for this year’s event, which takes place in October.
All eight rooms were booked this time last year, according to Novotel staff.
Nasline Iqbal, banqueting manager at the Novotel said business was down "big time" on last year.
“As far as the exhibition is concerned a lot of people have backed out,” she told Arabian Business.
“Last year was one of the biggest exhibitions because property was booming. This time last year I had eight meeting rooms booked – everything was taken. Even the aerobics room was sold out,” she added.
It comes amid predictions by Cityscape organisers that 2009 participation numbers will be down on previous years as Dubai reels from a property crash, where off-plan prices have tumbled by 50 percent.
Iqbal said some of the largest developers in the emirate, including Emaar, Nakheel and Damac, all booked meeting rooms last year.
Only one of those companies has so far made a reservation this year, although Iqbal declined to say who.
The cost of renting a meeting room at the Novotel during Cityscape ranges from AED2,000 per day to AED8,000 per day.
Iqbal said she was considering slashing rates by up to 25 percent due to lacklustre demand.
Visitor numbers to this year’s Cityscape in Abu Dhabi were down 25 percent compared to 2008, according to official figures provided by the organiser, IIR Exhibitions.
Cityscape is a business-to-business real estate investment event, consisting of a series of exhibitions and conferences in Dubai, Abu Dhabi, Asia, Saudi Arabia, India, Russia and the US.
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Comments 1-6 of 6
Posted by Brock, Kuwait on 16 August 2009 at 14:02 UAE time
Why has property in Dubai left unfinished?
Why has property in Dubai not occupied?
Why has property not purchased by the so-called investors?
Why has...
Answer: GREED and Manipulation.
What goes up must come down and vice versa. I guess, right now everyone is waiting for vice-versa to take place
Cross your fingers! Better yet, PRAY for a change of time for now is the the time to be in solitude.
Posted by REGULAR VISITOR, DXB on 15 August 2009 at 17:55 UAE time
Having been a regular visitor to Cityscape in the previous years. I would like to know wher are those Western Ranch Developments that were being promised to be completed by 2009.I remeber the sales persons saying that the lumber for construction of the ranch types of houses and weres being imported from N America and would feature Rodeo Shows etc.
Its was just very unreal . Hope now the developers think real and go for development acceptable to this region and people.
And to the Ajaman Developers please have the basics infrastructure before promising and fooling the general public with high ROIs.
Posted by ben, Dubai on 14 August 2009 at 03:36 UAE time
I'm sure people will come, but don't expect any buying. ppl will probably come just to get a feel of the place, where prices are heading. If there is an Indian/Canadian section, ppl will definately come to atleast see those sections probably either for retirement or migration purposes. Don't expect anybody paying for your place in line or all that mumbo jumbo.
I just used to go for the freebies. Still have the bright orange Kingdom of Saudi Arabia jute bag that I go shopping with at geant!
Posted by SNY, Dubai, UAE on 13 August 2009 at 22:56 UAE time
Sorry to have to burst your bubble but just cancel the entire event! Need I say more!
Posted by Carlo, Los Angeles, USA on 13 August 2009 at 18:49 UAE time
Having experienced cityscape for the past few years, this is a really sad story. Where are all the Ajman developers with promises and promises.
Definetley the investors and developers fault for such a disaster outcome for the real estate market in the UAE.
Even if the economy downturn had not hit, eventually Dubai and the UAE would have faced this due to many different factors including the developers and investors greed.
Posted by Anonymous, Dubai on 13 August 2009 at 17:14 UAE time
The number of exhibitors will be significantly low and visitors too, considering the market situation. However city scape rates for exhibitors have increased.