Cityscape Global: Visitors give their verdict

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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.

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Cover Story 10

Ravi to riches
Dr Ravi Pillai launched his first business at the age of 14, trading in coconuts so he could afford school books. Three decades later, his RP Group brings in revenue of $4bn and employs 80,000 staff, helping make him one of the world’s richest Indians. But in his first personal interview to date, he explains why a happy workforce and a good reputation are far more important than money. He also talks of the launch of his latest venture — RP Global — a real estate company that will build luxury projects in Dubai this year.

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