Restrictions on direct sales of properties by exhibitors have been lifted at the 16th edition of Cityscape Global for the first time since 2008. The move opens up a compelling list of options for prospective buyers visiting the influential real estate event, which runs from tomorrow to Wednesday at the Dubai World Trade Centre (DWTC).
Over the last decade the show offered the opportunity to compare a variety of properties in Dubai and around the world in one place. Meetings with developers, brokers and financiers made homing in on that dream property simpler — short of actually purchasing it onsite.
“The Real Estate Regulatory Authority (RERA) has worked hard to improve the approval process for projects with all companies requiring full approvals including escrow accounts number and trustee account numbers before going out to promote the project,” Tom Rhodes, Exhibition Director, Cityscape Global, told GN Focus via email.
“These implementations as well as the development of the RERA online approval system Trakheesi in October last year have allowed us to support the promotion and now sales of properties at Cityscape.” A joint effort by Cityscape, RERA and DWTC will ensure exhibitors’ compliance with regulations laid down by relevant land departments or municipalities.
However, restrictions on direct selling of non-UAE properties remain in place. This could change in future editions, however.
Old and new
Close to 300 exhibitors have registered for Cityscape Global this year. “Some new exhibitors this year include Arada (Sharjah), Aldar (Abu Dhabi), Imkan (Abu Dhabi), Oriental Pearls (Dubai), and Northacre from the UK to name a few,” says Rhodes.
New developers will also be seen at the Bahrain and Pakistan pavilions, while some 20 firms from South Korea will exhibit with Korean Tourism Organization, he adds.
Big launches from the biggest players in regional real estate development are also likely at the Dubai event this year.
Nakheel is gearing up to unveil a diverse range of projects worth a collective Dh3.2 billion at the show. The Dubai-based real estate major will launch six new residential, retail and hospitality developments at four of its communities in Dubai, including at its flagship master development, The Palm Jumeirah.
“We will demonstrate our pivotal role in realising the Government of Dubai’s vision for 2021, and highlight Dubai’s unrivalled investment opportunities for investors at Cityscape,” Ali Rashid Lootah, Chairman, Nakheel, said in a media statement.
National Bonds Corporation will also offer real estate investment opportunities through its real estate arm National Properties. Phase 3 of its Case Flores project, part of the Motor City Green Community development, are on sale at the show following a launch at Emirates Towers yesterday.
“We are committed to continue our real estate investments in the UAE,” said Mohammed Qassim Al Ali, CEO of National Bonds.
Tech on their minds
Technology will do its bit in easing the processes of buying, selling and discussing property deals. While Trakheesi RERA’s online approval system for developers is already at play, the Cityscape Online platform allows show participants including real estate developers, brokers, investors and homebuyers to interact with each other throughout the year, not just at the venue.
The portal dovetails with the introduction of a smart handshake system called Konduko, which uses Near Field Communication tags and readers to register visitors at stands.
The exhibitors are not to be left behind in their efforts to up the digital quotient either. Realopedia.com will display an e-marketplace for the real estate sector at the show in an attempt to empower customers and investors by delivering expertise through webinars, podcasts and education, as well as news and offers from the industry.
Cityscape Global is a comprehensive platform for anyone looking to invest in real estate, whether in the residential, commercial, retail, or hospitality sector.
“The market will see drivers such as the forthcoming Expo2020 having significant impact on the future growth of the sector, which will see a number of new projects being launched over the coming months to support this global showcase, and so we welcome all investors, home buyers and industry professionals to come and attend the exhibition,” says Rhodes. “Our key strength lies in the interaction and connection we enable industry peers, investors and end users, our stakeholders,” says Rhodes.
