Dubai has been witnessing a continued decline in real estate activity since mid-2014. As per JLL-MENA’s Q2-2015 report, the number of transactions in Dubai’s residential market has gone down 47%, while the value of transactions registered a 45% decline in the first half of 2015 as compared to the same period last year.
These numbers aren’t surprising, because the real estate market was growing at a rapid pace up till the first half of 2014. And while a lot has been said and written about how the real estate market’s future is likely to shape up and when the downturn is expected to end, they are only predictions.
According to a recent study by real estate consultancy Savills, the UAE was ranked as the second most preferred country globally for residential investment, following the US which gets the top rank. The rankings were based on parameters like economic growth and market recovery.
So what makes the UAE property market tick?
One of the key drivers of real estate growth in the UAE is foreign investment. Since Dubai opened up its doors to foreign real estate investors in 1999 and Abu Dhabi in 2005, the UAE property market has become an attractive investment avenue as well as safe haven for investors.
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Dubai has been a popular hub for real estate investment with an influx of cash flowing in from foreign investors. As per the Dubai Land Department, there was a total of over AED 53 billion worth of transactions in the Dubai property market in the first half of 2015. Indian and British investors ranked highest amongst foreign investors with a total of over AED 7.8 billion and AED 4.7 billion in transactions respectively. Other major contributors of foreign investment in the Dubai real estate sector belong to Pakistan, Canada, Iran, Russia, United States, China, France and Afghanistan.
Abu Dhabi’s foreign direct investment (FDI) statistics also show that foreign investors invested about AED 25 billion in the Abu Dhabi housing market in 2014. Real estate investment made up the largest share of foreign investment in Abu Dhabi, almost a third of all FDI in the emirate worth AED 82 billion.
Amidst vast international interest in the Dubai property market, Cityscape aims to shed light on the sector and it’s developments for a global audience. Being the largest and most important real estate event in the Middle East, Cityscape offers a prime platform for all key players and thought leaders in the real estate industry.
Cityscape Global – The event and highlights
The upcoming Cityscape Global event in Dubai has been all the talk in real estate industry circles of late. The Cityscape Global exhibition brings together real estate developers, property consultants, project management companies, facilities management companies, architects and designers, institutional investors and private investors.
The 14th edition of Cityscape Global has recorded a 30 percent growth in exhibition space this year as compared to last year. Last year the exhibition saw over 47,000 visitors and this number is expected to go up this year. The event caters to the global market and aims to generate foreign investor interest in the Dubai property market.
According to Wouter Molman, Cityscape Director, the announcement of new projects and updates on existing ones will be the highlights of the event. There will also be a focus on property development with the middle-income segment in mind.
The exhibition will run for three days from 11th – 13th September 2017 at the Dubai World Trade Centre.