The iconic real estate exhibition, now in its 22nd iteration, aims to accelerate Dubai property investment while bringing attention to sustainable industry practices.
Cityscape 2022 provides the perfect platform for domestic and international developers to capitalise on a growing Dubai real estate market.
Cityscape Dubai kicked off on Monday buoyed by developer optimism about a robust real estate market. As the city continues its impressive recovery from the COVID-19 pandemic, property prices have been steadily increasing on the back of rising demand, especially for off-plan properties.
Developers stand to take advantage, priming themselves to accelerate local investment. Amidst trends of rising family friendly communities and added support to prospective buyers, major developers have introduced eagerly awaited projects.
Sharjah-based Arada announced the launch of their first Dubai project, the AED 2 billion Jouri Hills in the coveted Jumeirah Golf Estates. Not to be left behind, Azizi Developments has announced luxurious new residences in communities like Mohammed Bin Rashid City. Other established developers like DAMAC and Sobha Realty also displayed a slew of similarly high-end projects. This is in tune with Cityscape’s track record of hosting major development announcements.
Encouragingly, upwards of 60% of all exhibitors are not Dubai-based, but rather international developers looking to capitalise on the city’s consistently growing real estate industry. From places as far-flung as Germany, Bali, England and Tunisia, international developers are flowing into Dubai on the back of a rapid increase in high-net-worth-individuals in the city. A recent report indicates that the United Arab Emirates itself could welcome more than 4000 new millionaires by year’s end.
The Dubai World Trade Centre branch of Christie’s International Real Estate Dubai, eminently close to Cityscape 2022.
And the city is putting this sustained interest to good use. A forward-thinking outlook that has already seen the successful rollout of the Golden Visa reforms is now turning its attention to sustainability — a major theme at this year’s Cityscape, in the buildup to the Dubai-hosted COP 28 next year.
Cityscape Talks, Cityscape’s prestigious content platform, is playing host to wide-ranging discussions on the topic. Be it adopting advanced technology, improving standards and efficiency, monitoring and improving air quality, or using drones to change the way cleaning and inspections are carried out, various panels at the event are providing unique platforms for pioneering sustainability ideas to impact real estate.
Indeed, a number of new developments announced are already firmly embedded in sustainable designs and technologies, including smart homes, renewable energy sources and vast swathes of greenery. Dubai developers’ proclivity to embrace ideas for the future looks set to be rewarded, with the government actively taking steps to meet their target of a net-zero society by 2050.
This bodes well for a Dubai that expects 550,000 new homes over the next decade, and a U.A.E. that expects an 8% rise in residential properties by 2027.
