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Mon 7 Sep 2020 04:54 PM

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Cityscape rethinks plan for Dubai real estate event amid coronavirus pandemic

Organiser of the Cityscape portfolio of international real estate events announces the reinvention of its Dubai event in 2020

Cityscape rethinks plan for Dubai real estate event amid coronavirus pandemic
The 2019 edition of Cityscape in Dubai.

The organiser of the Cityscape portfolio of international real estate events, on Monday announced the reinvention of its Dubai event in 2020 amid the continuing coronavirus crisis.

Informa Markets said the event will take a new format, with the launch of a Real Estate Summit, focused on rebuilding growth in MENA property markets.

Read our feature about how UAE real estate markets might fare in the post-coronavirus world.

Taking place at Dubai World Trade Centre (DWTC) from November 16-17, this one-off edition of Cityscape, co-created with the real estate industry, will deliver a B2B meeting place and knowledge-sharing destination.

A direct response to market demand, the summit will explore routes to re-establish a thriving regional real estate economy. 

The format of the event will be centred around a focal arena, with keynote speakers taking the stage while a second stage will feature tactical talks covering industry and market analysis and 121 meeting pods will be available for investors, legal professionals, developers, architects, government to host the conversations that will help bring the real estate market back to long term growth.

Chris Speller, Informa Markets’ group director of Cityscape, said: “With the global and regional real estate markets transformed by the Covid-19 pandemic, Cityscape has been determined to reinvent the 2020 show to match market demand.

"The real estate industry has been asking Cityscape to create a meeting place and with the significant impact of Covid-19 on profits, we are proud that we can offer a high value opportunity that will accommodate developer and service provider’s 2020 budgets. We are committed to supporting the regional rebound with a ‘back to business’ approach designed to empower developers, designers and decision makers with tactics to confront uncertainty and stabilise the regional real estate market.”

The announcement comes as new research showed that increasingly affordable property prices in Dubai are fuelling significant growth in sales activity as residential values drop towards those last seen after the global economic crisis a decade ago.

New figures released by real estate experts ValuStrat show that the average price per sq ft in the emirate this year averaged AED911, just AED13 above those from 2010.

By contrast, prices in 2014 - recognised as the value summit - averaged at nearly AED1,400.Despite being among the many driving forces for the UAE’s economic growth over the past two decades, the real estate sector was already battling sluggish market conditions long before Covid-19 arrived.

But the pandemic, in combination with the postponement of Expo 2020, long positioned as a major catalyst for the sector since its announcement in 2013, have added further instability, characterised by projects delayed, demand in decline and both values and rental yields reflecting the unfavourable climate.

Cityscape, owned by Informa Markets, first took place in 2002 in Dubai and has since grown to be beyond exhibitions, to become one of the largest real estate data and media portfolios globally.With events taking place across the Middle East, North Africa, Asia and Turkey, the Cityscape brand is tapped into the real estate market across a number of markets, including Dubai, Abu Dhabi, Egypt and Saudi Arabia, and with expansions on the horizon in Europe and Asia.

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