By Parag Deulgaonkar
All sales have to be done as per each emirate’s real estate rules and regulations
Developers will be allowed to sell their UAE-based projects at Cityscape Global for the first time in 16 years, event organisers said on Sunday.
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.
However, Abu Dhabi authorities have allowed sales at Cityscape Abu Dhabi even for the past three year, with Aldar Properties selling $109 million (AED400m) worth of new stock in The Bridges project earlier this year.
Exhibitors at the three-day property expo, taking place from September 11 to 13 at Dubai World Trade Centre, will have to record sales in accordance with the rules and regulations of the local land departments and municipalities in the emirate in which the project is located.
Tom Rhodes, exhibition director, Cityscape Global, said allowing onsite sales will allow developers to increase their return on investment and give visitors the chance to capitalise on attractive price options.
“This is a great opportunity for developers to increase their return on investment onsite, and for visitors to capitalise on attractive price options, making informed purchasing decisions directly on the show floor,” he said.
“Over the past few years, authorities such as the Dubai Land Department have worked tirelessly to increase investor transparency in the market and their efforts have proved successful. This has enabled Cityscape to foster closer ties with regulatory bodies, like Real Estate Regulatory Agency, to ensure that only registered projects are showcased and now sold at the exhibition.”
According to JLL’s Global Real Estate Transparency Index for 2016, Dubai remains the most transparent real estate market in the Middle East and North Africa region.
Last year, a Cityscape Global survey found that nearly 30 percent of attendees were homebuyers and investors, while 68 percent of visitors confirmed their intention to make a purchase or conduct business with a company they met at the exhibition.
Besides, a YouGov attitudinal survey – conducted in partnership with Cityscape and commissioned ahead of Cityscape Global 2016 – found 42 percent of Gulf and Egyptian investors voted the UAE as the most attractive country to invest in real estate.