property

Developers can sell directly at Cityscape event in Dubai

But only UAE-based projects will be allowed to be transacted as restrictions get lifted

Staff Report
15:58 July 17, 2017
developer

Dubai: Developers with projects in the UAE can sell from their stands at this year’s Cityscape Global event in Dubai, scheduled for early September. This is the first time since 2008 that Dubai authorities have lifted restrictions on such direct sales.

In the recent past, there had been isolated attempts by some developers to sell and had brought on punitive action from the authorities. But the restrictions on direct selling of all non-UAE projects remain in place.

This year’s event, the 16th in the Dubai series, opens September 11 and runs until the 13th.

The Cityscape announcement could set off a wave of new launches at the time, from master-developers and private entities alike. And it could also give them a chance to be flexible with their offers, in line with any sudden change in the demand dynamic.

The announcement will also ensure that the upcoming event will remain an out and out Dubai- or UAE-centred one ... at least from a buyer’s perspective.

Incidentally, Cityscape Abu Dhabi had permitted sales directly from exhibitor stands for a third year running. Aldar Properties, the Abu Dhabi master-developer, sold a significant portion of its development — The Bridges — and generated sales of Dh400 million.

“This is a great opportunity for developers to increase their return on investment on-site, and for visitors to capitalise on attractive price options, making informed purchasing decisions directly on the show floor,” said Tom Rhodes, Exhibition Director, Cityscape Global.

“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 RERA (Real Estate Regulatory Agency), to ensure that only registered projects are showcased and now sold at the exhibition.”

Last year, a Cityscape Global survey found that close to 30 per cent of attendees were homebuyers and investors, while 68 per cent of visitors confirmed they intended to make a purchase or conduct business with a company that they met during the exhibition.

“On the back of these results and the fact that visitors will now be able to purchase UAE-based registered property at the stands, we predict that the show will usher in more visitors looking to seize opportunities, and an increased RoI for developers,” Rhodes said.