Cityscape Global sees 25pc growth
Dubai, June 25, 2012
Cityscape Global, the Middle East’s largest and most influential international real estate event, is expected to grow by 25 per cent this year, as international developers from the world’s emerging markets look to the region for potential investors.
Taking place from October 2 to 4 at Dubai International Convention and Exhibition Centre, the event has more than 50 per cent of exhibition space set to be occupied by overseas exhibitors, a statement from an official said.
Among the major international developers from emerging markets this year include Russian developer Northern Caucasus Resorts Company (NCRC), and Turkish developer Agaoglu, which will showcase some of its flagship residential and office projects in the most prominent suburbs of Istanbul.
Nevra Dilmen, international sales director, Agaoglu, said: “Agaoglu is one of the largest property developers in Turkey, with more than 50 per cent of our customers consisting of foreigners. The Middle East is particularly important for us, as lately most of our customers have come from the region.”
“Our involvement at Cityscape Global 2012 is therefore a key part of our global marketing strategy, and we look forward to revealing at the show our latest project consisting of 7,000 units, which upon completion will be the largest project ever developed in Turkey,” he said.
Barwa Real Estate from Qatar will deliver its portfolio of mega developments – Barwa Al Sadd, Barwa Commercial Avenue, and Barwa City.
Abdulla Abdulaziz Al Subaie, group CEO at Barwa Real Estate, said: “Locally, we are establishing Barwa’s way of planning and delivering projects and we will replicate our excellence model to other global markets. Through our participation at Cityscape Global, we are demonstrating our unique development approach and creativity focusing on delivering world-class quality standards.”
By 2050, 19 of the 30 largest economies will be from the emerging world, fuelled by improved economic governance, human capital resources, and growing income per capita, according to The World in 2050 report compiled by HSBC Global Research.
Wouter Molman, exhibition director for Cityscape Global, said: “Cityscape Global has seen a significant increase of international real estate companies and developers seeking a new breed of international investors that the event attracts. Its growth is largely due to overseas participation from countries including Qatar, Bahrain, Lebanon, Egypt and further afield including Russia, Poland, UK, Brazil, Chile, USA, India and Turkey.”
“The involvement of exhibitors from across all continents is a testament to Cityscape Global’s growing international significance, and highlights that our 2010 strategy of repositioning Cityscape Global is really taking effect,” he said.
Now in its 11th edition, Cityscape Global is the annual meeting point for key real estate investors, developers, investment promotion authorities, architects, designers and other real estate professionals to drive growth in real estate investment and development across emerging markets globally.
In addition to the large international contingent of exhibitors taking part this year, key Dubai developers will also return to showcase their latest real estate updates, including Dubai Properties, Nakheel, Meraas Development, Damac, Deyaar, and Dubai World Central.
Dubai’s real estate sector is also set for double digit growth in the next three years, due to a constant stream of fresh project handovers, while an influx of new supply entered the market in the first quarter of 2012, the statement said.
A total of 3,000 residential units were completed in the first three months of this year, bringing the total number of units in Dubai to 341,000, according to the Dubai Real Estate Market Overview Q1 2012 report released by global real estate service firm, Jones Lang Salle.
A further 28,000 residential units are expected to be delivered for the remainder of 2012, while another 15,000 units should be ready for handover in 2013 and 2014, presenting a supply increase of 12 per cent from the current amount of stock.
Office space in Dubai is expected to increase by 24 per cent by the end of 2013, reaching 7.2 million sq m, as the Emirate is likely to add an extra 1.4 million sq m to the current 5.8 million sq m, the report said.
The hospitality sector is also seeing strong growth, with the opening of Millennium Plaza on Sheikh Zayed Road, and Rixos The Palm in the first quarter of this year adding a further 700 hotel rooms to Dubai’s tourism industry, amounting to a total of 54,100 rooms. Another 11,300 rooms are expected to be injected by the end of 2014, up 20 per cent from the current amount of rooms.
Co-located with Cityscape Global are the Cityscape Awards for Emerging Markets to be held on October 3. The programme attracts hundreds of entries from developers and architects behind real estate developments across emerging markets globally. Entries from other Cityscape’s Awards programmes in Qatar, Egypt, Abu Dhabi and Saudi Arabia are also entered to compete for the ultimate accolade.
Three conference programmes – Global Real Estate Summit, World Architecture Congress and Retail City Conference – will also be co-located, bringing together a combined total of 750 senior real estate professionals who will explore opportunities and find key solutions to challenges affecting the industry today.
Cityscape Global 2012 is supported by its foundations sponsors Dubai Properties Group and Nakheel, with Barwa as strategic sponsor. – TradeArabia News Service