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End-users set to capitalise on Dubai real estate stability

Dubai - Developers are lining up to unveil a wave of attractive new housing options during the 14th edition of Cityscape Global.

End-users are set to capitalise on stabilisation within the Dubai real estate market as more affordable housing options enter the market ahead of Expo 2020, and price adjustments improve affordability of existing stock.
Developers are lining up to unveil a wave of attractive new housing options during the 14th edition of Cityscape Global which brings together more than 300 exhibitors from 30 different countries at Dubai World Trade Centre next month.
Starting from September 8-10, the world's largest real estate investment and development event for emerging markets will deliver a timely reminder that conditions in Dubai are being shaped naturally, and that medium to long-term prospects remain positive.
"We must understand that Dubai is experiencing a normal market correction which was always inevitable," said Wouter Molman, Director of Cityscape Group.
"The Expo 2020 win caused a sharp rise in property prices at the end of 2014, but the steps taken by the government have helped regulate the market and the establishment of a rent index has created more clarity for investors - all signs of a maturing market."
With end users now looking to take advantage of the stabilising property prices, more attractive housing options are on the way from developers like MAG 5 Property Development which is using Cityscape Global to introducing a new integrated and affordable residential community.
MAG 5 Boulevard is a 24-hour living, walkable community which will encompass more than 800,000 square feet of land. MAG 5 Property Development will be launching Phase 2 of the project at Cityscape.
"MAG 5 Boulevard is aligned with the needs of the middle income earners," said Talal Moafaq Al Gaddah, CEO, MAG 5 Property Development. "We are keen to capitalise on the growing demand for quality, affordable residential communities in close proximity to the Al Maktoum International Airport and the wider Dubai World Central area."
The value of the location was underlined by Mohammed Al Awadhi, VP, Real Estate, Dubai World Central, who said: "By 2020, DWC is projected to become a self-sustained urban ecosystem where thousands of professionals and their families will live and work."
Craig Plumb, Head of Research at JLL Mena, said: "We expect transaction volumes and, subsequently sale prices, to drop further in the second half of the year. But the single digit price correction we saw in the first half of the year is a sharp contrast to declines we witnessed in 2008/2009 and is a clear indication that the market is maturing."
Taking a new format this year, the Cityscape Global is expected to facilitate the coming together of more than 800 senior real estate professionals and government official.
- business@khaleejtimes.com