By Andy Sambidge
On eve of show, organisers also say number of participants set to drop by 20%.
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.
I know for a fact from my position and knowledge of the market that several developers were turned off by Cityscape's unflexible approach to prices for exhibition space. Instead of appreciating the difficulties marring the industry, they went by some weird logic to increase the price of space. As a result, Cityscape Dubai will be a ghost town that will fall far short from its billing as the premier real estate exhibition in the world. This would be a true disservice to the industry trying to rebuild and seemingly at the verge of catching some steam after the disastrous 2009. I really call on Cityscape to review its policies and strategies, and to hold someone accountable.
Local newspaper reports...Last week in Dubai saw cityscape a sensational success with more people than ever before attending and spending loads of money on off plan and semi built projects! All shopping malls also reported a huge rise in business during the week as money not spent on the show was subsequently spent in the shopping malls with profits up a clear 25% from the same period last year.....OOPS Sorry please don't post this "canned text" article until after the show!
If true that Cityscape raised their prices in the actual market conditions this is simply outrageous and a lack of respect for Dubai realestate market and all their "players". If true, Cityscape executives should take some lessons about cooperation and partnership. I know a lot of companies like mine that decided not to participate due to this arrogant and totally insensible position. Cityscape will be nothing without a healthy realestate market in Dubai.
Happend to visit city scape today and found no one cheerful and confident....Literally they (the promoters) are trying to fill the numbers by scanning the details of every tom and dick who was passing infront of their booth. May be once the show is over they can show these figures as so called "Enquiries".The best part is Nakheel is just participating for "Name Sake"..If you visit their booth you will notice..I think they kept the same miniature (of their projects) which was there i their office just to fill the stand...and one wall describing their progress since 70's..Over all there is no much crowd roaming around.....lets see once the final footfall figures comes out....