It was another busy day in the halls of Dubai World Trade Centre yesterday as the serious business of Cityscape Global 2012 was conducted.
After all of the media hype and rush to get announcements out and steal the limelight on the opening day, things settled down as the high level meetings got underway.
Much of the attention turned to the Cityscape conference, where international executives discussed the latest strategies and development programmes in their respective countries.
One that caught the eye was the Iraqi Minister of Construction and Housing, Mohammed Darraji, who told delegates that the country needs to build 150,000 homes a year to satisfy current demand. It is only managing to develop around 60,000 through its own resources and is currently in conversations with a number of the leading UAE developers to encourage them to begin development in Iraq.
He added that according to a study by McKinsey and Co, the construction and infrastructure projects in Iraq would reach US$ 10.4 billion in 2013 alone. He added that Iraq also has the highest annual construction output in the region with an annual growth rate of 15 percent.
In the halls and corridors there was a lot of talk about the return of the speculator. With Emaar announcing it had sold out the The BLVD on its opening day launch, a number of senior executives were wondering if many of them were speculators looking to make a fast return. However they also added that speculators were part of any maturing property market: “Speculators in the market make it work,” Nick Maclean from CBRE told Gulf Business.
So, today will be the final chance to check out the latest projects, speak with the senior executives on the stands and see what is coming up in the Dubai property market over the next twelve months. We will be continuing to bring you the latest news and pictures from around the show on our twitter feed: @dxbpropinvest.