AB TV goes behind the scenes at Dubai's annual property trade show. The four-day event, which was recently rebranded Cityscape Global, is an important gauge of sentiment in Dubai’s real estate sector.
Property prices in the emirate have fallen by more than 50 percent since the highs of 2008 when the global downturn hit. In September the emirate’s Real Estate Regulatory Agency (RERA) announced that almost half of the planned real estate projects had been cancelled or delayed. Just 46 property projects have been completed in the last two years, RERA said.
This year’s Cityscape was remarkably quieter than previous years. Around 200 exhibitors were showcasing their projects, compared to around 1,000 two years ago. And as AB TV’s poll shows many visitors were either on the hunt for distressed assets, or networking with existing clients.