About 60 percent of investors are hoping that the real estate market in Dubai will grow over the next 12 months, a report said, ahead of Cityscape Global, the largest property showcase in the Middle East. About 100 or more local developers have expressed their interest in participating in the 14th edition of the event to be held at Dubai World Trade Centre from 8th to 10th September.
More than 50 percent of the home buyers have expressed a positive feeling about the constant growth of Dubai real estate market, while another 58 percent expect an increase in sale and rental prices over the next year, with all indications pointing towards buoyancy in residential market, reveals a new survey conducted by global market research company, YouGov.
The location is a major factor in determining where investors purchase their properties in the Emirates. For about 861 UAE residents (56%) said that properties near public transportation are most attractive, and in demand, followed by those near grocery stores (44%), retail shopping malls (41%) and Mosques (37%).
The organizers of Cityscape Global, Informa, said the study also reveals that studios and single bedrooms are growing considerably in popularity in the UAE real estate market, and investors shifting their focus to smaller and more affordable residential options.
The Jumeirah Golf Estates would capitalize this opportunity to showcase their latest ‘Al Andalus’ development which focuses on affordable luxury.
The Sky View Real Estate Brokers and Myra Real Estate Development located in the popular Jumeirah Village Circle would showcase their Botanica project which offers end-users and investors an affordable option.
The Director at Sky View, Kash Kanjwani said that with new regulations in place, speculation of properties is under control now, and with mortgage LTV being limited to 50 percent for off plan projects, most developers are offering flexi-payment plans and ideal pricing. Therefore, the demand for affordable housing is now greater than ever.
The Head of research at YouGov, Lara Al Barazi, said that the study reflects positive sentiment across the board, and investors, potential home buyers and real estate professionals are expecting growth to continue in the Dubai property market in the coming years.
The Cityscape Global has been extended by two additional exhibition halls, with four more halls included since the 2013 event, covering more than 40,000sqm of exhibition space.
The Cityscape Global Conference will be staged the day before the exhibition at Conrad Hotel Dubai, thereby taking a new format, which would accommodate more than 800 senior real estate professionals, government officials, who explore opportunities and find solutions to key challenges affecting the industry at present.
The Cityscape Awards also runs alongside the Cityscape events. The event attracts several entries from developers and architects in the field and those emerging globally. The winners would be announced during a ceremony to be held at Conrad Hotel, Dubai.
