Cityscape Global: Rethinking real estate in Dubai

The number of sustainable developments show a new trend shaping future of real estate in the emirate
Cityscape Global: Rethinking real estate in Dubai
Visitors gather near a model of the centre of the Jumeriah district at the annual Cityscape show on September 6, 2016, in the Gulf emirate of Dubai. Shimmering skyscrapers, golf-course villas and houses in sprawling gated communities are all on offer at the Cityscape fair that has developed a reputation for being the venue to launch the Gulf emirates mega projects. (Karim Sahib/AFP/Getty Images)
By Dana Salbak Associate Partner: Research Knight Frank
Wed 07 Sep 2016 11:02 AM

Cityscape Global continues to be a sound measure of investor appetite and developer ambition. However in its 15th edition, the largest property show has more to offer than just glitz and glamour. Recent project launches, before and at the event, point to a number of trends shaping the future of the real estate market. Key among these was the sustainability of developments.

Projects on display at the three day event reflect some of the new long-term strategies adopted by the industry’s leading real estate developers. The largest of these is the AED 73.4 billion Jumeirah Central project launched by Dubai Holding, which promises to deliver smart, world-class infrastructure built around people.

Similarly, the Residential District launched by Dubai South promises innovation and urban living based on the ‘happiness and wellbeing’ of its community. Earlier in the year, Dubai World Trade Centre (DWTC) launched One Central, an AED 8 billion mixed use project focused on creating sustainable spaces where individuals live, work and socialize within a community that caters to their personal, professional and social needs.

Despite its relatively young age, Dubai has cemented itself as a leading financial hub and competitive tourist destination, offering people of diverse backgrounds a place to visit, work and live. This is strongly led by the government’s vision to rebrand and develop the emirate as a sustainable city of the future, built on cohesive and integrated societies and communities.

In this regard, we welcome these real estate strategies as a step in the right direction, signalling the maturity of the market in general and the real estate industry specifically. This is likely to sustain Dubai’s global competitiveness and the well-being of the economy.

Dana Salbak is associate partner, Research, Knight Frank

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