Cityscape Abu Dhabi adds impetus to property market

After floating through a rough time, the region’s real estate sector is expected to bounce back strongly in the coming months.

Enthused by increased investments from big property developers and an increasing number of inquiries from buyers, the industry is looking forward to lucrative business.

Though fluctuating oil prices and weak market sentiments had impacted this industry and caused a slight dip in the business, the market has started opening up in 2017.

This is also evident from the warm response that the upcoming edition of Cityscape Abu Dhabi is getting. Recently, the organizers of this much-awaited event have announced that 90 percent of the show’s floor space is already sold for this year’s event.

Carlo Schembri, exhibition manager at Informa Exhibitions, the show’s organizers, said: “The response from developers, financial institutions and other major organizations taking part in Cityscape Abu Dhabi this year has been the strongest we have experienced in recent years, and there is a definite sense of optimism for 2017 among our participants.”

Amid numerous reports that the UAE real estate market will witness positive sentiment in 2017, last year’s edition of the Cityscape Abu Dhabi had registered the record investment deals.

“We expect to see a number of new launches revealed on the opening day as well as new phases of existing projects released for sale throughout the three day show,” pointed out Schembri.

Notably, with sales permitted directly from exhibitor stands for the third year running, in accordance with the rules and regulations administered by the Abu Dhabi Urban Planning Council (UPC), a host of new property developers have confirmed their participation.

Aabar Investments PJS, Abu Dhabi Capital Group, Hydra Properties LLC, Tiger Properties and Ras Al Khaimah Properties will all have a major presence for the first time at the 11th edition of the UAE capital’s largest property showcase, which will be held from April 18 to 20 at the Abu Dhabi National Exhibition Center.

They will be joining the major property powerhouses returning to the show, including Manazel Real Estate, Aldar Properties, Eagle Hills Properties, Tourism Development & Investment Company (TDIC), Bloom Properties, Eshraq Properties, Wahat al Zaweya and Azizi Developers.

Dispelling concerns over the property market slowdown witnessed in 2016 and with the help of the new property law introduced last year, which improved transparency and security when buying properties in the UAE, Bloom Properties reported that by the close of Cityscape Abu Dhabi 2016, 70 percent of units in its newly launched project, Faya, were sold from the stand; a roughly 20 percent increase on the company’s forecast sales ahead of its participation.