Developers of UAE-based projects will be allowed to sell their projects at this year’s Cityscape Global, Dubai Land Department has confirmed.
Sales of projects returns to Cityscape last year for the first time in 16 years, with over $230 million (AED870m) worth of on-site transactions recorded during the three days of the event.
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.
In a post-show report compiled by Informa, organisers of Cityscape Global, some 67% of the 37,821 visitors who attended the event expressed an interest in making a purchase or doing business with an organisation they met at the exhibition over the course of the next 12 months.
Many exhibitors reported a successful 2017 at Cityscape Global: Azizi Developments sold out their phase one units for the $3.3bn (AED12nn waterfront project, Azizi Riviera and reported $350m of total sales at the event.
There was also an anonymous buyer of Omniyat’s One Palm units, which broke the record for the most expensive penthouse with a final price of $28m (AED102 million) and Aldar’s ‘Water’s Edge’ project generated $109m (AED400m) in sales of the first phase.
“Permitting on-site transactions was a significant milestone in the history of Cityscape Global and it allowed us to enhance the experience of all participants whether they are property developers, home buyers, investors, or agents,” said Tom Rhodes, Exhibition Director at Cityscape Global.
“We are honoured by the continuous support of government entities such as the Dubai Land Department, the Real Estate Regulatory Authority (RERA) and the UAE Municipalities which we are able to offer unique and value-adding services to Cityscape Global participants.
“Through the implementation of new regulations in the real estate market Dubai has become one of the most transparent places to invest globally. These regulations are critical to the development of the market in the UAE for both local and international investors and illustrates the government’s commitment to a fair and transparent property market.”
The show also saw a host of new project launches and masterplan unveilings from major developers such as Nakheel's $1bn (AED4bn) worth of developments; Union Properties' $2.1bn (AED8bn) masterplan for MotorCity; and Deyaar's $270m (AED1bn) South Bay in Business Bay.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.
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