More than 300 local, regional and international real estate companies and dozens of banks continue their presentations at Cityscape Global, which kicked off in Dubai the day before yesterday, as they intensify their activity to market a thousand projects with an estimated total value of $ 815 billion, relying on innovative promotion plans aimed at reviving real estate investment in new units.

Cityscape is a true test of the real estate market

As a result of the strong interest, Informa Exhibitions, the organizer of the exhibition, expects the number of visitors to reach more than 30,000 visitors from 86 countries, including experts, specialists and officials in government and semi-governmental departments, confirming that the events will witness the participation of 1150 specialists and speakers from inside and outside the UAE to discuss the rapid changes in the real estate development industry.

Experts expressed the importance of innovative promotion plans aimed at reviving investment in new units. Market experts expressed optimism that the real estate sector will reflect positively on the pace of purchase and ownership. Participants in the exhibition, which annually attracts real estate professionals from investors, developers, governments, architects, designers and real estate consultants from the Middle East and the world, did not deny that the current session will be a real test of the impact of oil prices on demand in the real estate sector in the Arab region, especially oil producing countries, whose oil income fell more than 60% compared to 2014.

Participants in the exhibition, which annually attracts real estate professionals from investors, developers, governments, architects, designers and real estate consultants from the Middle East and the world, did not deny that the current session will be a real test of the reflection of oil prices on demand in the real estate sector.

Increased real estate financing from banks

Banks operating in the UAE have launched special offers for the 16th edition of the show, including, in addition to reduced profit rates, waiving administrative and pre-approval fees, free upgrade to premium customer banking, free property valuation, financing for residents and non-residents in the UAE, and increasing the maximum limit for financing residential properties to AED 25 million (USD 6.8 million) for residents of the country and 15 million for visitors, especially after allowing developers to sell directly during the show for the first time since its inception.

Developers were allowed to sell directly during the show for the first time since its inception.

$448.1 billion worth of real estate projects

Against the backdrop of strong competition among companies participating in this year's edition, a recent report issued by PNC, a company specialized in the Middle East real estate sector, revealed that the value of residential real estate projects in the Gulf countries is worth one trillion dollars, and indicated that the number of real estate projects in the Gulf countries exceeded 16 thousand projects, more than 75 percent of which are residential, worth 448.1 billion dollars, although the number of giant development projects in cities did not exceed 4,200 projects, worth more than 27% of the total value of real estate projects, worth 297 billion dollars.

The number of projects in the cities did not exceed 4,200 projects, worth more than 27% of the total value of real estate projects, worth 297 billion dollars.

Direct Selling Possibility

Over the past two days, the exhibition witnessed a turnout of investors wishing to own freehold property and learn about the investment opportunities that abound in the UAE real estate market in general, especially after allowing the exhibition to conduct direct sales for the first time.

Observers expected that the exhibition would be able to conduct direct sales for the first time. Observers expected that direct sales will constitute a fundamental change in the exhibition and make it the largest real estate sales platform, which will lead to a change in the plans of developers who offer unprecedented sales offers, while properties recorded acceptable price levels that support investors« tendencies to shift to ownership instead of renting, at the same time the real estate brokers market in Dubai witnessed achieving commissions exceeding 820 million dirhams ($ 223 million) from the beginning of January to the end of June.

Real estate brokers in Dubai achieved commissions of more than 820 million dirhams ($ 223 million) from the beginning of January until the end of June.