The Cityscape Global 2014, which concluded yesterday (September 23) in Dubai, UAE, was a major success with leading developers showcasing projects worth billions of dirhams, before a record visitor turnout.

The event witnessed a 27 per cent jump in visitor numbers on the opening day of the event compared to last year, indicating the heightened interest among the investor fraternity about the real estate sector of Dubai, the organisers said.

The overall exhibition space has been increased by 25 per cent, accommodating 280 different exhibitors from 28 countries.

According to some exhibitors, Dubai’s real estate market is rising high and the euphoria is going to persist. The overall market sentiments seems bullish with respect to long-term perspectives.

All the major Dubai-based developers namely DP World, Damac, Emmar, Meydan, Deeyar, Omniyat and Nakheel were actively involved in the event, showcasing massive projects.

Nevertheless, the biggest attraction was “Mall of the World” the Dh25 billion ($6.8 billion) mall, which is expected to be completed in different phases over the next 10 years.

The mall once complete will consist of total area of 48 million sq ft, out of which eight million sq ft will be dedicated for the mall and remaining space will be utilised for various leisure and hospitality activities.

The other iconic attractions at the event included Dubai Design District, Opera Districts and Palm Gateway, said the organisers.

One of the interesting dimensions of the event was that many of the old projects, which were once subdued during the real estate crisis, seems to be coming back on track.

For instance, the high-rise Sheffield Tower in Dubai Marina, the work for which was started in 2008 but was stopped midway due the financial crisis, is back on track with sales of apartments being resumed and almost 85 per cent work completed for the tower.

There was also seemingly higher interest towards off-plan properties, which was further aided by the availability of low down payments available in the range of 10 to 30 per cent, followed by other easy installment options.

The heightened interest towards off-plan properties was mainly because of its safer and well-regulated business environment where all the stakeholders such as government, developers and brokers are effectively contributing towards keeping speculative forces under check and offer a safe environment for investors.

A leading market research agency with strong focus on Dubai's real estate sector, Research Konnection conducted a market survey among 60 respondents; investors and developers at the Cityscape Global 2014 to get their feedback on Dubai's property scene prospects.

The survey found that majority of the respondents had a positive opinion about the prevailing market conditions in Dubai. As nearly seven out of 10 respondents rated the market as very good or excellent.

Similarly on being asked about how the market will behave in the near future, 40 per cent were optimistic that the market will further pick up. Nevertheless, one out of four respondents indicated that it might slowdown and equal number of them demonstrated there cluelessness in finding it further.-TradeArabia News Service