Renan Bourdeau (PROPERTY FINDER) / 14 October 2012
After all the hype and hard work, another edition of Cityscape Global has come to a close. So what was the verdict from the industry?
Speaking for myself, the overall signs for the UAE looked very positive. First, the venue was busy, certainly busier than last year. Indeed, the general consensus was that it had been the busiest show in four years.
Okay, perhaps queues of buyers were not snaking around stands like they were back in the heady days of 2006, but there was a definite buzz in the air again.
There appeared to be a more cautious approach to doing business and thankfully the hordes of speculators that so damaged the market here in the past are gone.
And the clever move to reposition the event as Cityscape “Global” and encourage a host of new international exhibitors to attend paid off and reinforced Dubai’s image as an international hub.
For those looking for signs of economic recovery, again the signs were good. It was noticeable that some projects that had been on hold for a long time and had been conspicuous by their absence in the media were suddenly being promoted again.
The best way to sum up the mood of the entire event is cautiously optimistic. The talk in the conferences and between cups of coffee was that all eyes are still on the eurozone and the US — and of course the US election. Considering 47 per cent of global GDP comes from these parts of the world, what happens there in the near future is crucial.
But investors are certainly feeling good about putting their money into Dubai real estate, especially because of the fact that high-end products out here are still doing well.
And now because, by a twist of fate, Arab Spring money from is fuelling this economy, suddenly there is room to start developing again and making up for any lost time. Another cause for optimism, looking slightly further afield, is the huge progress made by countries in the region such as Saudi Arabia, who has announced that 500,000 new units are in the pipeline. And Qatar, which is now starting to build stadiums for the 2022 Fifa World Cup. Incredibly, it is predicted by some analysts that Qatar’s population could grow by as much as four times by 2016 as Western companies set up shop and the contractors move in. The knock-on effect for the whole region of this kind of development in terms of new business is immense.
For those of us who have come from foreign countries to work here, the best news in Dubai must be the ongoing focus on industry regulation. Each month brings new legal rulings and systems put in place to try and eliminate underhand dealing. This in itself is developing confidence and optimism from all sides.
So, I think Cityscape Global 2012 will be remembered for being the one where Dubai got its swagger back. But it is a gentle swagger, with a careful eye on the path ahead.
