More than 90 international and regional players from the real estate sector are showcasing their projects at the 10th anniversary edition of Cityscape Abu Dhabi which opened in the UAE capital on Tuesday (April 12).
The capital’s largest and most influential property investment show will be held until April 14 at the Abu Dhabi National Exhibition Centre (Adnec).
Carlo Schembri, the exhibition manager at Informa Middle East, the event organiser, said: "Investor and exhibitor sentiment in the emirate remains positive. A recent survey of reported that investors are positive about the stability of the real estate market in Abu Dhabi (48 per cent) and the wider UAE (44 per cent) over the next 12 months.
“All indications in the run up to the show have pointed towards a busy, fruitful and profitable opening day and we look forward to receiving thousands of visitors throughout the course of the show. We’ve already witnessed strong footfall as investor and homebuyers capitalise on the opportunity to avail of exclusive offers and purchase units directly from the exhibiting companies,” stated Schembri.
The Abu Dhabi Market Overview conference, held in partnership with JLL Mena, took place on the opening day, featuring an impressive line-up of regional experts including Dr Abdulla Ghareeb Al Baloushi from the Department of Municipal Affairs and Transport.
The half-day conference revealed the JLL’s first quarter (Q1 2016) Abu Dhabi Real Estate Overview report followed by a panel discussion on the impact of the new capital property laws that took effect in January this year as well as the impact lower oil prices have on the real estate market.
David Dudley, the international director and head of Abu Dhabi Office, JLL said: "The general trend this quarter and indeed last year has been relative stability – characterised by low vacancy rates in high quality stock and prime rents generally remaining stable across each asset class."
"While the market has generally been stable and signs of caution remain, we still expect demand growth to continue from projects commenced when oil prices were high and the extent to which market stability is maintained very much depends on the return of domestic government spending in spite of a reduction in oil revenues," noted Dudley.
Falah Al Ahbabi, the director general, Abu Dhabi Urban Planning Council (UPC) sees Cityscape Abu Dhabi as a prominent forum that provides an opportunity to engage with those at the core of the UPC planning strategy – developers, investors and other property sector stakeholders within the local community.
"Projects that, a decade ago, were simply plans on paper are now being realised, with people working and residing within them," stated the official.
“Cityscape has provided the UPC with the perfect platform to promote the urban planning vision for the emirate of Abu Dhabi on a local, regional and international level. We have used the event to inform our key stakeholders of the many plans, projects and initiatives we are currently working on and have planned for the future,” noted
Reinforcing the sustained investor confidence in the local market, a number of major UAE developers have a commanding presence at Cityscape Abu Dhabi this year.
These include Aldar Properties, Al Forsan, Al Qudra, Bloom Properties, Eagle Hills, Eshraq Properties, Masdar City, Manazel, Mubadala Real Estate and Infrastructure, Reem Developers, Tamouh, Tourism and Development Investment Company (TDIC) and Wahat Al Zaweya who are showcasing their latest projects to potential regional and international investors and homebuyers.
While all the big local players are out in force at Cityscape Abu Dhabi this year, international representation is also strong, with exhibitors coming from Bosnia and Herzegovina, Cyprus, Mauritius, Morocco, Turkey and United Kingdom.-TradeArabia News Service
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