Dubai, Like Miami, Is Enjoying a Significant Real Estate and Tourism Rebound in 2012

Dubai, Like Miami, Is Enjoying a Significant Real Estate and Tourism Rebound in 2012

Residential News » Middle East and Africa Residential News Edition | By Michael Gerrity | October 2, 2012 3:00 PM ET

(Dubai, UAE) -- There is a renewed energy in Dubai these days being witnessed by developers worldwide showcasing over an estimated $100 billion in new mega-projects in the UAE region at the 11th inaugural Cityscape Global property developers conference being held this week in Dubai.

Like Miami over the last three years, who has primarily benefited from foreign property buyers with lots of cash to stabilize and save the market, Dubai is now mirroring the same success 8,000 miles away in the UAE.

According to several real estate analysts at the event, most residential buyers of tens of thousands of Dubai condos are coming from such places as India, Iran, Pakistan, Russia and the UK.

Dubai's tourism industry is also enjoying the same success as their property market.

Dubai International Airport reported over 4.8 million passengers going through their airport last month, a twenty percent increase from one year ago. In addition, Dubai's airport has had over 37.8 million visitors in just the first 6-months of 2012; those are near the same volume of visitor traffic enjoyed by world-class Orlando International Airport by visitors drawn to Walt Disney World.

Taking place until 4 October at the Dubai International Convention and Exhibition Centre, the three-day event will put a spotlight on exhibitor announcements and updates from both UAE and international developers, while also hosting four dedicated industry conferences, investor roundtables, and an extravagant gala dinner awards ceremony in the world's tallest tower.

Upon cutting the ribbon, H.H. Sheikh Maktoum toured the exhibition halls stopping by several major international developers' stands including Barwa Real Estate, the Qatari based developer behind some of the Gulf country's mega developments, such as Barwa City, the 1.35 million sqm mixed use development, and the US$1.9 billion Barwa Commercial Avenue.

The Strategic Sponsor at Cityscape Global will also provide updates on its other flagship projects, including the recently launched 3.6 million sqm Lusail Golf Residential Development.

As the exhibition's Country of Honour, Turkey's increasingly important role as an emerging global real estate powerhouse will be highlighted throughout the show at a dedicated Turkish pavilion, where leading developers will announce their latest projects.

Among them include Agaoglu, which launched Agaoglu Maslak 1453 - an Istanbul project comprising 4,700 residences with a number of key features, including large public squares, theatres, an international fashion centre, a 1,453-meter-long shopping avenue and a neighbouring forest.

The Turkish Architecture firm, Tabanlioglu meanwhile is directing business to Cityscape Global's host country, as it provides further details of its first ever project in the UAE, the Crystal Towers in Dubai Marina.

"We are very enthusiastic about having the chance to realize our first project in the GCC region", said Melkan Gursel Tabanlioglu, Partner of Tabanlioglu. "With our experience in architectural design we have paved the way for fruitful endeavors to collaborate with regional developers on future architectural projects."

Other major international exhibitors taking part this year at Cityscape Global at dedicated country pavilions include the Ministry of Construction and Housing in Iraq (Iraq Pavilion), Tata Housing Development Company (India Pavilion) and the United Development Company (Qatar Pavilion).

At the Russian Pavilion, the Northern Caucasus Resorts Company will be turning heads as it lays out ambitious plans by 2020 to build seven world-class ski resorts in the Caucasus mountain range in Southwest Russia, as well as a multi-billion dollar complex of beach resorts along the Northwest coast of the Caspian Sea.

Not to be outdone, UAE property developers will be looking to share the Cityscape Global spotlight as the country's heavyweights reveal their latest news to potential investors.

Leading the charge is Meydan Group, which announced the launch of a brand new tower on Sheikh Zayed Road, offering residential, commercial and leisure options in the heart of Dubai.

The vertical community offering is the Dubai developer's first outside of Meydan City, and will include office and retail spaces, a hotel and serviced hotel apartments, private sky gardens, a restaurant and nightclub, an indoor running track, several infinity pools and a tennis court.

Meanwhile, DAMAC Properties will showcase its serviced hotel apartment offering and the brand new Suites & Spa service at Cityscape Global. The Middle East's largest private luxury developer will provide five-star management and concierge service across its entire serviced hotel apartment offering with 4,000 hotel apartments under development by the end of 2013.

Other major UAE developers taking part this year at Cityscape Global include Foundation Sponsors Emaar Properties, Dubai Properties Group and Nakheel, while Meraas, Falconcity of Wonders and the Tourism Development and Investment Company (TDIC) will also be out in force.

For more than a decade, Cityscape Global has been the annual meeting point for real estate investors, developers, regional and city investment promotion authorities, architects, designers and other real estate professionals currently driving real estate growth and development across global emerging markets.

Wouter Molman, Cityscape Global Exhibition Director said, "The build-up to this year's Cityscape Global has been highly anticipated, and we have been working hard to prepare for what will be one of the most successful editions yet."

"Having grown by 50 per cent from last year, we look forward to welcoming more than 20,000 participants over the next three days as exhibitors, visitors, and delegates look to foster tighter business relationships and stay tuned to the latest trends of the global real estate market.

Cityscape Global 2012 also features the Cityscape Awards for Emerging Markets on 3 October, where pioneers at the forefront of the emerging real estate market will be celebrated at a glittering ceremony followed by a highly anticipated cocktail evening, held at the prestigious Armani Hotel in the Burj Khalifa.

Other highlights include the Investor Round Table sessions, and four dedicated industry conferences, including the Global Real Estate Summit, the World Architecture Congress, the Retail City Conference and the Alternative Dispute Resolution Conference.

Along with its Foundation Sponsors and Strategic Sponsor, Cityscape Global is also supported by Kuwait Finance House as Investment Sponsor.

The conference is considered one of the Middle East's largest and most influential international real estate events, and was opened yesterday by his Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.

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