After all of the hype has receded following a bustling Cityscape Global exhibition filled with announcements and project launches, where is the Dubai property market heading?
Many developers used the platform to launch, or in some cases re-launch projects which had been stalled over the past four years or so. Time will tell if these can move at pre-2008 pace to be completed on time and in budget. Meydan, Sobha Group and Falcon City of Wonders were among many who all stepped forward with their master developments, which will start construction next year.
Serviced apartments also proved to be a big draw during the show, with both Emaar and DAMAC Properties showcasing their latest offerings in this sector. The general feeling from the show was positive, with a more sensible ‘cautious optimism’ displayed by senior executives throughout the exhibition.
While the developers were taking all of the limelight there was also some key new regulation announced which will have a positive impact on the Dubai property market. Dubai Land Department revealed plans for a real estate arbitration centre to resolve property disputes.
The Dubai Real Estate Arbitration Centre will work to impartially resolve property disputes and will hire internationally recognized real estate arbitrators. The draft law has been sent for approval and once enshrined in the legal framework; the new policies will provide further confidence and trust in the system.
The Dubai property market is set nicely for resurgence through the final quarter of the year and following the announcements of projects the focus will flip back to delivery as contractors are appointed and they start to break ground. The industry certainly appears united towards the same goals at the moment and if this can drive a strong real estate market, it will have benefits for the growth of Dubai in general.
What was your memorable moment from this year’s Cityscape Global? What projects caught your eye and what is your view on the market in general? We would love to read your thoughts and comments below.
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