Organisers of Cityscape Dubai said on Sunday that they expected exhibition space to fall by 30 percent this year, compared to 2008's show as the global downturn continues to impact the region.
They also admitted that the total number of participants at the city's premier property show which starts on Monday would be down by about 20 percent. Exhibition rates for this year's event have risen by up to 15 percent despite the global slowdown.
“As part of the real estate story of the year, 2009 has seen Cityscape’s first decline in growth as the world adjusts to new economic conditions,” said Rohan Marwaha, managing director of Cityscape in a statement.
“However, the high quality of Cityscape Dubai as the industry’s main networking event is well maintained. The major institutional investors, master developers, high net worth individuals and senior real estate professionals, which are the backbone of Cityscape, will be in attendance.”
Last month, property giants
and Nakheel both said they would not be attending this year's event before changing their mind a couple of days later.
“Now, perhaps more than ever, the eyes of the world are on Dubai and Cityscape with the event generating acres of media comment in advance of opening,” added Marwaha.
“We now look forward to a continuing role in providing a transparent platform to encourage the adoption of measures to tackle the challenges facing the industry," he added.
Organisers will on Monday publish a new report ‘Focus on Dubai’, slated as the most comprehensive report of its type on the current state of the market.
It will include an assessment of the state of the foreign direct investment market in the UAE, an investigation into the nearly 2,000 active real estate projects in the country, plus an analysis of the UAE banking system and the future growth potential of the property market.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.